reglab/housing_qa huggingface dataset:
IN Code § 15-12-1-20 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-20. Board of Directors; Appointment

Sec. 20. One (1) or more directors may be appointed by any public official or commission or by the other directors elected by the members or their delegates. Directors appointed as provided in this section:(1) shall represent primarily the interest of the general public in the association, but have the same powers and rights as other directors; and(2) may not total more than one-fifth (1/5) of the entire number of directors.[Pre-2008 Recodification Citation: 15-7-1-11(d).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-21 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-21. Board of Directors; Payment; Restrictions

Sec. 21. (a) An association may provide a fair remuneration for:(1) the time actually spent by the association's officers and directors in the association's service; and(2) the service of the members of the association's executive committee and other committees.(b) A director may not during the term of the director's office be a party to a contract for profit with the association differing in any way from the business relations accorded other members or patrons of the association.[Pre-2008 Recodification Citation: 15-7-1-11(e).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-22 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-22. Executive Committee; Powers

Sec. 22. If the association's bylaws provide for an executive committee, all of the functions and powers of the board of directors may be delegated to the committee, subject to the general direction and control of the board.[Pre-2008 Recodification Citation: 15-7-1-11(f).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-23 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-23. Board of Directors; Vacancies

Sec. 23. When a vacancy on the board of directors occurs, other than by expiration of term of office, the remaining members of the board may fill the vacancy by a majority vote of the remaining members, unless the bylaws provide for the election of directors by districts. If the bylaws provide for the election of directors by districts, the board of directors may call a special meeting of the members in that district to fill the vacancy or may fill the vacancy as in the case of any other vacancy. A director who is elected or appointed by the board of directors to fill a vacancy on the board shall serve until the next annual or special meeting of the members.[Pre-2008 Recodification Citation: 15-7-1-11(g).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-24 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-24. Board of Directors; Eligibility

Sec. 24. (a) Each director must during the director's term of office be a citizen of the United States. Each director, other than a public director, must be engaged in or have a direct interest in the production of agricultural products.(b) An association may provide in the association's bylaws that a person is not eligible for election as a director unless the person is a member or patron of the association.(c) An association may provide in the association's bylaws that a person is not eligible for election as a director unless the person has paid any indebtedness owed by the person to the association.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-11(h); subsection (b) formerly 15-7-1-11(i); subsection (c) formerly 15-7-1-11(j).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-25 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-25. Board of Directors; Financial Report; Records

Sec. 25. (a) The board of directors shall require a report to be presented to the board, at intervals determined by the board but not less often than semiannually, showing:(1) the amount of indebtedness owed to the association by each director, officer, and employee at the close of the period; and(2) the amount of stock, membership capital, or credits for the purchase of stock or membership capital shown on the books of the association as belonging to each director, officer, and employee.The board of directors shall take action with respect to any individual indebtedness to the association that is larger than permitted by the bylaws as is best for the association in the sound discretion of the board.(b) The board of directors shall require a record of attendance to be kept and the secretary of the board to make a report at the annual meeting of members detailing the directors' attendance up to and including the last directors' meeting before the annual meeting, indicating:(1) the number of regular and special meetings of the board; and(2) the number of regular and of special meetings attended by each member of the board designated by name.[Pre-2008 Recodification Citation: 15-7-1-11(k).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-26 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-26. Extension of Credit

Sec. 26. (a) An association may provide in the association's bylaws limits within which the association may extend credit, either directly or indirectly, to any director, officer, or employee of the association.(b) A person who is a director, officer, or employee of the association may not be extended credit on terms that are more favorable than the terms available to any other customer or member of the association.(c) The provisions of this chapter:(1) concerning the extension of credit to any director, officer, or employee;(2) requiring the inclusion of information concerning the extension of credit to any director, officer, or employee in the association's annual reports to the secretary of state; and(3) providing penalties for failure to comply with those provisions;apply only to associations in which more than twenty-five percent (25%) of the gross income arises directly from the purchasing of supplies for their members and others. An association with a lesser percentage of gross income arising from purchasing of supplies may adopt similar provisions in the association's articles of incorporation as originally filed or later amended. If adopted, the provisions apply in every respect to the association and to the association's directors, officers, and employees.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-11(l); subsection (b) formerly 15-7-1-11(m); subsection (c) formerly 15-7-1-11(n).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-27 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-27. Election of Officers

Sec. 27. (a) The officers of an association must consist of a president, one (1) or more vice presidents, a secretary, a treasurer, and other officers that may be prescribed by the bylaws. Each officer shall be elected or appointed by the board of directors at the time, in the manner, and for the terms as the bylaws provide, subject to the following conditions:(1) The president and one (1) vice president must be members of the board of directors.(2) A vice president who is not a director may not succeed to or fill the office of president.(b) Except for the offices of the president and secretary, any two (2) or more offices may be held by the same individual.(c) The treasurer may be a bank or depository. If the treasurer is a bank or depository:(1) the treasurer is considered to be a function of the board of directors but not an officer of the board of directors; and(2) the secretary shall perform the usual accounting duties of the treasurer.However, the funds of the association must be deposited only as and where authorized by the board of directors.(d) The bylaws may provide for the election of the president and one (1) vice president by the members or their delegates at the annual meeting of the members.[Pre-2008 Recodification Citation: 15-7-1-12.]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-28 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-28. Membership Certificates

Sec. 28. (a) A certificate of membership or a share or shares of voting stock may not be issued by an association until the membership fee or consideration for the share of stock has been paid in full. A promissory note may be accepted in full or partial payment for a share of stock or membership fee. However, the stock or membership certificate shall be held as security for the payment of the note. The acceptance of a note in full or partial payment of a share of stock or membership fee does not affect the member's right to vote if the member is not in default under the terms of the note.(b) A member is not liable for the debts of the association to an amount exceeding the sum remaining unpaid on the member's membership fee or on the member's subscription or agreement to purchase a share or shares of stock, including any unpaid balance on any note given in payment.(c) An association may provide in the association's articles of incorporation or bylaws that a member may not own more than a fixed amount or percentage of the association's membership capital or a fixed percentage or number of shares of the association's outstanding voting stock.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(a); subsection (b) formerly 15-7-1-13(b); subsection (c) formerly 15-7-1-13(c).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-29 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-29. Voting Stock; Votes; Transfer

Sec. 29. (a) An association may provide in the association's articles of incorporation or bylaws that a member is not entitled to more than one (1) vote regardless of the amount of capital invested in or number of shares of voting stock owned by the member.(b) The voting stock of or membership in an association may not be transferred to persons or associations that are not qualified to be members of an association organized under or governed by this chapter, and this restriction must be printed on every membership certificate and certificate of voting stock.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(d); subsection (b) formerly 15-7-1-13(e).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-30 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-30. Distribution of Dividends

Sec. 30. (a) The net earnings or savings of an association from the association's marketing activities, purchasing activities, or marketing and purchasing activities that exceed the amounts needed to restore a deficit, to pay dividends on outstanding stock, or to establish or provide for additions to reserves or surplus, or both, must be distributed, unless otherwise provided by the bylaws, to the patrons of the association on a patronage basis. If provided in the bylaws, the distribution of the net earnings or savings from the marketing activities, purchasing activities, or marketing and purchasing activities that exceed the amounts needed to restore a deficit, to pay dividends on outstanding stock, or to establish or provide for additions to reserves or surplus, or both, may be made at different rates for members and nonmembers, or may be restricted only to members, or only to members and those patrons with whom the association has contracted to pay patronage refunds, but all the distributions must be made on a patronage basis.(b) If the reserves or surplus of an association are distributed at any time, the reserves or surplus must be distributed on a patronage basis as provided by the bylaws of the association.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(f); subsection (b) formerly 15-7-1-13(g).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-31 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-31. Redemption of Stock

Sec. 31. (a) An association organized with capital stock may, at any time, unless otherwise provided in the association's articles of incorporation or bylaws, and except when the debts of the association exceed fifty percent (50%) of the assets:(1) redeem, purchase, or acquire the association's outstanding common stock at the book value, as conclusively determined by the association's board of directors, but not to exceed par; and(2) pay for the stock in cash within one (1) year.(b) An association organized with capital stock may, at any time, unless otherwise provided in its articles of incorporation or bylaws, redeem, purchase, or acquire the association's outstanding preferred stock. However, an association may not redeem or purchase the association's outstanding preferred stock:(1) when the association is insolvent; or(2) when the redemption or purchase would render the association insolvent or would reduce the net assets of the association below the total amount payable to the holders of stock having prior or equal rights to the assets of the association upon involuntary dissolution.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(h); subsection (b) formerly 15-7-1-13(i).]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-32 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-32. Issuance of Various Classes of Stock

Sec. 32. (a) If the board of directors of an association, under authority expressly vested in the board by the articles of incorporation, adopts a resolution that determines and states the relative rights, preferences, limitations, or restrictions of any class or classes of shares, or of any series of any class or classes, the association may not issue any of such shares unless the association first presents in duplicate in the office of the secretary of state, accompanied by the fees prescribed by this chapter, a certificate signed by the secretary or assistant secretary, and verified under oath by the president or a vice president of the association, setting forth the resolution so adopted and the time and manner of its adoption.(b) Upon presentation of a certificate under subsection (a), the secretary of state, if the secretary of state finds that the certificate conforms to law and to the articles of incorporation of the association:(1) shall endorse the secretary of state's approval on each copy of the certificate; and(2) when all fees have been paid as required by law, shall:(A) file one (1) copy of the certificate in the secretary of state's office;(B) issue the secretary of state's certificate of approval and filing; and(C) forward to the association the secretary of state's certificate, together with the other copy of the certificate of the officers of the association bearing the endorsement of the secretary of state's approval.After the secretary of state takes the actions under subdivisions (1) and (2), the association may issue the shares.[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(j) part; subsection (b) formerly 15-7-1-13(j) part.]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-33 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-33. Officers and Director; Charges; Removal

Sec. 33. (a) A member of an association may bring charges against an officer or a director by filing the charges in writing with the secretary of the association, together with a petition that is signed by five percent (5%) of the members and that requests the removal of the officer or director.(b) The removal of the officer or director shall be voted upon at the next regular or special meeting of the association. The association may by a vote of a majority of the members of the association remove the officer or director and fill the vacancy.(c) The director or officer against whom the charges have been brought must:(1) be informed in writing of the charges before the meeting described in subsection (b); and(2) have an opportunity at the meeting to be heard in person or by counsel and to present witnesses.The person or persons bringing the charges against the director or officer are entitled to the same opportunity to be heard in person or by counsel and to present witnesses.(d) If the bylaws provide for the election of directors by districts with primary elections in each district, a petition for removal of a director must be signed by twenty percent (20%) of the members residing in the district from which the director was elected. The board of directors must call a special meeting of the members residing in that district to consider the removal of the director. The director in question may be removed from office by a vote of the majority of the members of that district.[Pre-2008 Recodification Citation: 15-7-1-14.]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-34 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-34. Marketing Contracts

Sec. 34. (a) An association and its members may make and execute marketing contracts requiring the members to sell, for any period that is not more than ten (10) years:(1) all or any specified part of the members' agricultural products; or(2) specified commodities;exclusively to or through the association or any facilities to be created by the association.(b) If a member contracts a sale to the association, it shall be conclusively held that title to the products passes absolutely and unreservedly, except for recorded liens, to the association:(1) upon delivery; or(2) at any other specified time, if expressly and definitely agreed in the contract.(c) A contract authorized under this section may provide that the association may:(1) sell or resell the products delivered by the association's members, with or without taking title to the products; and(2) pay over to the association's members the resale price, with or without pooling, actual or proportionate, after deducting all necessary selling, overhead, and other costs and expenses, including:(A) interest on preferred stock, not exceeding eight percent (8%) per year;(B) reserves for retiring the stock, if any;(C) other proper reserves;(D) interest not exceeding eight percent (8%) per year on common stock; and(E) any other deductions specified in the contract.[Pre-2008 Recodification Citation: 15-7-1-15.]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-35 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-35. Remedies for Breach of Contract

Sec. 35. (a) The bylaws or a marketing contract of an association may do the following:(1) Fix, as liquidated damages, specific amounts to be paid by the members or stockholders to the association upon the breach of any provision of the marketing contract regarding the sale, delivery, or withholding of products.(2) Provide that the contracting member will pay all costs, premiums for bonds, expenses, and fees if any action is brought upon the contract by the association.A provision described in this subsection is valid and enforceable, and a clause providing for liquidated damages is enforceable and is not regarded as a penalty.(b) If there is a breach or threatened breach of a marketing contract regarding the sale, delivery, or withholding of products by a member, the association is entitled to:(1) an injunction to prevent the further breach of the contract; and(2) a decree of specific performance of the contract.(c) Pending the adjudication of an action under subsection (b) and upon:(1) filing a verified complaint showing the breach or threatened breach; and(2) filing a sufficient bond;the association is entitled to a temporary restraining order and preliminary injunction against the member.(d) Subsections (a), (b), and (c) are applicable to, and the rights and remedies described in subsections (a), (b), and (c) are available to, any corporation that is organized under any agricultural cooperative law of any other state of the United States and is admitted to do business in Indiana.(e) A grower of agricultural products that signs a marketing agreement with a cooperative marketing association organized under this chapter is permitted to place crop mortgages on the grower's crops. However, the crop mortgages and other liens are subordinate to the right of the association to take delivery of any such crops covered by the marketing agreement. In such cases, if the mortgagee or lien holder serves proper notice on the association, the proportionate proceeds due or payable to that grower become subject to the mortgages or liens instead of the crops originally covered by the mortgages or liens. If any deficiency remains at the end of the season, the grower is liable for the deficiency under the present practice, and the mortgagee or lienholder has the same rights against the grower for the deficiency as the grower possesses.[Pre-2008 Recodification Citation: 15-7-1-16.1.]As added by P.L.2-2008, SEC.3.
IN Code § 15-12-1-36 (2021)
2021 Indiana Code|Title 15. Agriculture and Animals|Article 12. Agricultural Assistance Organizations and Programs|Chapter 1. Agricultural Cooperatives|15-12-1-36. Purchase of Property or Stock in Another Entity

Sec. 36. If an association that is organized under or governed by this chapter with capital stock purchases:(1) the stock;(2) any property; or(3) any interest in any property;of any person, firm, corporation, or association, the association may discharge the obligations incurred in the purchase, wholly or in part, by exchanging for the acquired interest, shares of the association's capital stock to an amount that at par value would equal the fair market value of the stock or interest purchased, as determined by the board of directors. In that case, the transfer to the association of the stock or interest purchased must be equivalent to payment in cash for the shares of stock issued.[Pre-2008 Recodification Citation: 15-7-1-17.]As added by P.L.2-2008, SEC.3.