Indiana Code
Ind. Code § 23-1-25-3 (2026)
Issuance of shares; number; outstanding shares
✓ current as of May 2026
Sec. 3. (a) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted, or cancelled.
(b) The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of subsection (c) and to IC 23-1-28.
(c) At all times that shares of the corporation are outstanding, one (1) or more shares that together have unlimited voting rights and one (1) or more shares that together are entitled to receive the net assets of the corporation upon dissolution must be outstanding.
As added by P.L.149-1986, SEC.9.
Notes of Decisions
Cited in 2
cases, 2012–2020 · leading case: Corre Opportunities Fund, LP v. Emmis Commc'ns Corp., 892 F. Supp. 2d 1076 (S.D. Ind. 2012).
Corre Opportunities Fund, LP v. Emmis Commc'ns Corp., 892 F. Supp. 2d 1076 (S.D. Ind. 2012). “” Ind. Code § 23-1-25-3 . Emmis’s Articles provide that, in accordance with Indiana law, shares that are reacquired by the company “will be retired and canceled promptly after reacquisition.”
Deibel v. Hoeg (S.D. Ind. 2020). “See Ind. Code §§ 23-1-25-3 , -27-2. And nothing in Hy-Pro's articles of incorporation prohibits it from exercising those explicit statutory rights.”
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