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Indiana Code Title 23. Business and Other Associations § 23-1-28-5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 5. The effect of a distribution under section 3 of this chapter is measured:

(1) in the case of distribution by purchase, redemption, or other acquisition of the corporation's shares, as of the earlier of:

(A) the date money or other property is transferred or debt incurred by the corporation;  or

(B) the date the shareholder ceases to be a shareholder with respect to the acquired shares;

(2) in the case of any other distribution of indebtedness, as of the date the indebtedness is distributed;  and

(3) in all other cases, as of:

(A) the date the distribution is authorized if the payment occurs within one hundred twenty (120) days after the date of authorization;  or

(B) the date the payment is made if it occurs more than one hundred twenty (120) days after the date of authorization.

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Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-1-28-5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-1-28-5/

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