Indiana Code Title 36. Local Government § 36-12-7-6

Sec. 6. (a) A public library established as an 1852 subscription library is a municipal corporation and possesses the power to:

(b) The shareholders of the 1852 subscription library are the inhabitants of the municipality who have subscribed money for the establishment of the library.  The shareholders shall annually elect seven (7) directors on the first Monday in January.  However, if an annual election is omitted, the directors remain in office until the next annual election and until successors are chosen.

(c) The directors shall appoint one (1) director to be president at the meetings.  The president may vote only in case of a tie vote.  A majority of the directors constitutes a quorum.  If a vacancy occurs among the directors, the remaining directors shall elect a new director to fill the vacancy, and the new director shall serve until the next annual election.

(d) The 1852 subscription library is governed by bylaws adopted by the directors of the public library.

(e) The directors may adopt a common seal.

(f) The directors may levy a tax on the shareholders not to exceed one dollar ($1) on each share during one (1) year.  In addition, at the annual meeting, the shareholders may increase the tax to a sum not to exceed five dollars ($5) on each share during one (1) year.

(g) The shareholders may:

at the pleasure of the shareholders.