Indiana Code Title 28. Financial Institutions § 28-13-2-5

Sec. 5. A corporation, acting through the corporation's board of directors, may create or issue rights, options, or warrants for the purchase of shares or other securities of the corporation or any successor in interest of the corporation.  The board of directors shall determine the terms upon which the rights, options, or warrants are issued, their form and content, and the consideration for which the shares or other securities are to be issued.  The rights, options, or warrants may be issued with or without consideration and may be issued pro rata.