reglab/housing_qa huggingface dataset:
IN Code § 23-2-3.1-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-2. Compliance With Designated Sections

Sec. 2. A person shall not make a takeover offer unless the offer is in compliance with sections 3, 4, 5.5, 6.5, 7, and 8 of this chapter.As added by Acts 1979, P.L.235, SEC.1. Amended by Acts 1981, P.L.215, SEC.3; P.L.242-1983, SEC.3; P.L.229-1989, SEC.1.
IN Code § 23-2-3.1-3 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-3. Statement; Filing With Commissioner; Copy to Target Company

Sec. 3. Any offeror, before making a takeover offer, shall:(1) file any required statements with the commissioner in compliance with sections 5 and 5.5 of this chapter; and(2) not later than the filing date of the statements, deliver a copy of each statement to the president of the target company at its principal office.As added by Acts 1979, P.L.235, SEC.1. Amended by P.L.229-1989, SEC.2.
IN Code § 23-2-3.1-4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-4. Statement; Consent to Service of Process; Filing Fee

Sec. 4. Each statement required under section 5 or 5.5 of this chapter must be accompanied by:(1) a consent of the offeror to service of process specified in IC 23-19-6-11; and(2) a filing fee of seven hundred fifty dollars ($750).As added by Acts 1979, P.L.235, SEC.1. Amended by P.L.229-1989, SEC.3; P.L.27-2007, SEC.14.
IN Code § 23-2-3.1-5.5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-5.5. Definitions; Application of Section

Sec. 5.5. (a) The definitions in IC 23-1-20 apply to this section, except to the extent of any conflict with section 1 of this chapter.(b) This section applies to:(1) a foreign corporation incorporated under a law other than the law of the United States or any state of the United States (as defined in IC 1-1-4-1); or(2) a person who is not a citizen of the United States.(c) This section does not apply to the initiation of a new business in Indiana by a person subject to this section.(d) Notwithstanding any other provision of this title, a person subject to this section may not make a takeover offer unless the person files a statement with the commissioner under this subsection.(e) The statement filed under subsection (d) must state the following:(1) The financial sources to be used by the person in the takeover offer.(2) The proposed consummation date of the takeover.As added by P.L.229-1989, SEC.5.
IN Code § 23-2-3.1-6.5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-6.5. Terms of Offer; Requisites; Number of Offerees

Sec. 6.5. No takeover offer may be made which is not made to all offerees holding the same class of equity securities of the target company on substantially equivalent terms. A takeover offer to purchase less than any or all equity securities of the same class of the outstanding equity securities of the target company is not considered as having been made to all offerees of that class on substantially equivalent terms if the pro rata portion of equity securities of that class tendered by any offeree which will be accepted by the offeror is not equal to the highest pro rata portion of equity securities of that class tendered by any other offeree which will be accepted by the offeror. A takeover offer permitting offerees to elect to receive one (1) or more differing kinds of consideration is not considered as having been made to all offerees holding the same class of equity securities of the target company on substantially equivalent terms if proration occurs and the pro rata share of any one (1) or more differing kinds of consideration which is allocable to any offeree is not equal to the highest pro rata share allocable to any other offeree.As added by P.L.242-1983, SEC.4.
IN Code § 23-2-3.1-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-7. Hearing; Findings and Order; Notices; Expenses; Right to Appear; Insurance Companies

Sec. 7. (a) A hearing shall be held at any time within twenty (20) business days after the required statements under sections 5 and 5.5 of this chapter are filed. If, following the hearing, and within twenty (20) business days after a statement is filed, the commissioner finds by a preponderance of the evidence that:(1) the takeover statement fails to provide full and fair disclosure to the offerees of all material information concerning the takeover offer; or(2) the takeover offer is not made to all offerees of the same class of equity securities of the target company on substantially equivalent terms; the commissioner shall by order prohibit the purchase of shares tendered in response to the takeover offer or condition purchase upon changes or modifications.(b) At least five (5) days notice shall be given to the target company, the offeror, and such other persons as the commissioner may designate that a hearing will be held under this section.(c) The expenses, including the cost of transcripts, of all hearings held under this section shall be borne by the offeror. As security for the payment of the expenses, the offeror shall file with the commissioner an acceptable bond or other deposit in an amount determined by the commissioner.(d) The target company, the offeror, any offeree, and any other person whose interests may be affected have the right to appear at any hearing held pursuant to this chapter and to become a party to the proceeding. Each such person has the right to present evidence, examine and cross-examine witnesses, offer oral written arguments and, in connection with the proceeding may conduct discovery proceedings in the manner provided in the Indiana Rules of Trial Procedure. The commissioner may employ any sanction or power granted courts in the Indiana Rules of Trial Procedure, excluding the power of contempt, to enforce the commissioner's discovery rulings or orders.(e) In the case of a takeover offer subject to the approval of the insurance commissioner, the offeror within five (5) days after the statement is filed shall mail a notice to all offerees of the target company advising the offerees of the general terms and conditions of the takeover offer and the date of the hearing at which they may appear. No shares shall be tendered, or purchased by the offeror, until after approval by both the securities commissioner and the insurance commissioner. All expenses of notifying the offerees shall be borne by the offeror.As added by Acts 1979, P.L.235, SEC.1. Amended by Acts 1981, P.L.215, SEC.4; P.L.242-1983, SEC.5; P.L.229-1989, SEC.6.
IN Code § 23-2-3.1-8 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-8. Purchase of Shares; Prohibition

Sec. 8. No shares shall be purchased or paid for pursuant to a takeover offer within the first twenty (20) business days after the offer is made. No shares shall be purchased or paid for in violation of any order of the commissioner.As added by Acts 1979, P.L.235, SEC.1. Amended by Acts 1981, P.L.215, SEC.5.
IN Code § 23-2-3.1-8.4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-8.4. Subsequent Acquisition of Equity Securities by Offeror; Equivalent Terms; Limitation

Sec. 8.4. No offeror may acquire in any manner any equity security of any class of a target company at any time within two (2) years following the conclusion of a takeover offer with respect to that class, including but not limited to acquisitions made by purchase, exchange, merger, consolidation, partial or complete liquidation, redemption, reverse stock split, and any other recapitalization or reorganization, unless the holder of that equity security is also afforded, at the time of that acquisition, a reasonable opportunity to dispose of that security to the offeror upon substantially equivalent terms.As added by P.L.242-1983, SEC.6.
IN Code § 23-2-3.1-8.5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-8.5. Statements of Material Fact; Omissions; False or Misleading Statements; Fraudulent, Deceptive, or Manipulative Acts

Sec. 8.5. In connection with any takeover offer, or any solicitation of offerees in opposition to or in favor of any takeover offer, it is unlawful for any person to make any untrue statement of a material fact or to omit to state any material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, or to engage in any fraudulent, deceptive, or manipulative acts or practices.As added by Acts 1981, P.L.215, SEC.6.
IN Code § 23-2-3.1-8.6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-8.6. Exempt Acquisitions; Notice and Hearing to Precede Order

Sec. 8.6. (a) The provisions of sections 2 through 7 of this chapter do not apply to the following:(1) An acquisition by an offeror, if the instant transaction and all acquisitions of equity securities of the same class during the preceding twelve (12) months by the offeror or any of its affiliates do not exceed two percent (2%) of that class.(2) An acquisition of equity securities of a target company having seventy-five (75) or fewer holders of record of equity securities at the time of the takeover offer.(3) An acquisition determined by order of the commissioner to be a takeover offer that is not made for the purpose of, and not having the effect of, changing or influencing the control of a target company.(b) An order may only be adopted under subsection (a)(3) of this section after a hearing. Not less than five (5) business days' notice of a hearing must be given to the target company, the offeror, and such other persons as the commissioner may designate.(c) The burden of establishing entitlement to any exemption is on the offeror.As added by Acts 1981, P.L.215, SEC.7. Amended by P.L.242-1983, SEC.7.
IN Code § 23-2-3.1-9 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-9. Administration of Chapter; Regulations; Immunity

Sec. 9. (a) This chapter shall be administered by the secretary of state of Indiana by and through the commissioner, who may exercise all powers granted to the commissioner under IC 23-19.(b) Subject to the approval of the secretary of state, the commissioner may promulgate regulations necessary to carry out the purposes of this chapter under IC 4-22-2.(c) Neither the secretary of state, nor the securities commissioner, nor any employee of the securities division, shall be liable in their individual capacity, except to the state of Indiana, for any act done or omitted in connection with the performance of their respective duties under the provisions of this chapter.As added by Acts 1979, P.L.235, SEC.1. Amended by Acts 1981, P.L.215, SEC.8; P.L.27-2007, SEC.15.
IN Code § 23-2-3.1-10 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-10. Cease and Desist Orders; Injunctions; Subpoenas; Production of Books and Papers

Sec. 10. (a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter or any regulation or order adopted under this chapter, the commissioner may investigate and issue orders and notices, including ex parte cease and desist orders without notice. In addition to all other remedies, he may bring an action in any circuit or superior court in the name and on behalf of the state of Indiana against any person or persons participating in or about to participate in a violation of this chapter to enjoin those persons from continuing or doing any act in violation of this chapter or to enforce compliance with this chapter. In any court proceedings, the commissioner may apply for and on due showing be entitled to have issued the court's subpoena requiring:(1) the appearance of any defendant or his employees or agents to testify and give evidence concerning the acts or conduct or things complained of; or(2) the production of documents, books and records;as may appear necessary for the hearing of the petition.(b) Whenever any person has engaged or is about to engage in any act or practice constituting a violation of this chapter or any regulation or order adopted under this chapter, the offeror, target company or any record or beneficial owner of an equity security of the target company may bring an action in the circuit or superior court of the county where the target company has its principal office or Marion County to enjoin that person from continuing or doing any act in violation of this chapter or to enforce compliance with this chapter.(c) Upon a proper showing, the court may grant a permanent or preliminary injunction or temporary restraining order or may order rescission of any sales, tenders for sale, purchases or tenders for purchase of equity securities determined to be unlawful under this chapter or any regulation or order of the commissioner. The court may not require the commissioner to post a bond.As added by Acts 1979, P.L.235, SEC.1. Amended by Acts 1981, P.L.215, SEC.9.
IN Code § 23-2-3.1-11 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 3.1. Takeover Offers|23-2-3.1-11. Appeal; Notice; Transcript; Disposition on Appeal

Sec. 11. An appeal may be taken by any offeror, target company, or other party to any proceeding before the commissioner from any final order of the commissioner to the court of appeals for errors of law under the same terms and conditions as govern appeals in ordinary civil actions, except as otherwise provided in this section. An assignment of errors that the decision, ruling, or order of the commissioner is contrary to law is sufficient to present both the sufficiency of the facts found to sustain the decision, ruling, or order, and the sufficiency of the evidence to sustain the findings of facts upon which it was rendered. Within twenty (20) days from the entry of an order, the commissioner shall be served with a written notice of the appeal which states the grounds upon which a reversal of the final order is sought and with a demand in writing for a certified transcript of the record and of all papers on file in the commissioner's office affecting or relating to that order. The commissioner shall within twenty (20) days after service of the notice of appeal make, certify, and deliver to the appellant the transcript. The appellant shall, within five (5) days after the receipt of the transcript, file the transcript and a copy of the notice of appeal with the clerk of the court. The notice of appeal shall stand as the appellant's assignment of errors. If the order of the commissioner is reversed, the court shall direct the commissioner's further action in the matter, including the making and entering of any order and the conditions, limitations, or restrictions to be contained in the order. However, the commissioner is not barred from later revoking or altering the order for any proper cause which may later accrue or be discovered. If the order is affirmed, the appellant may file a new disclosure statement after thirty (30) days from the ruling of the court of appeals if the disclosure statement is not otherwise barred or limited. The appeal does not suspend the operation of the order appealed from during the pendency of the appeal unless upon proper order of the court.As added by Acts 1979, P.L.235, SEC.1. Amended by Acts 1981, P.L.215, SEC.10; P.L.3-1989, SEC.138.
IN Code § 23-2-4-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-2. Application of Chapter

Sec. 2. This chapter applies to any person who:(1) enters into a continuing care agreement in Indiana to provide care at a continuing care retirement community located either inside Indiana or outside Indiana;(2) enters into a continuing care agreement outside Indiana to provide care at a continuing care retirement community located in Indiana;(3) extends the term of an existing continuing care agreement in Indiana to provide care at a continuing care retirement community located either inside Indiana or outside Indiana;(4) extends the term of an existing continuing care agreement outside Indiana to provide care at a continuing care retirement community located in Indiana; or(5) solicits the execution of a continuing care agreement by persons in Indiana.As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.153-2009, SEC.4.
IN Code § 23-2-4-5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-5. Annual Disclosure Statement; Contents; Fee

Sec. 5. (a) Each year after the initial year in which a continuing care retirement community is registered under section 3 of this chapter, the provider shall file with the commissioner not later than four (4) months after the end of the provider's fiscal year, unless otherwise extended by the written consent of the commissioner under subsection (c), an annual disclosure statement which shall consist of the financial information set forth in section 4(11) of this chapter.(b) The annual disclosure statement required to be filed with the commissioner under this section shall be accompanied by an annual filing fee of one hundred dollars ($100), which shall be paid to the commissioner not later than four (4) months after the end of the provider's fiscal year, regardless whether the commissioner issues an extension under subsection (c).(c) The commissioner may, by issuing a written statement, extend the time in which a provider files its annual disclosure statement. However, an extension under this subsection shall not allow an annual disclosure statement to be filed later than twelve (12) months after the end of the provider's fiscal year. The commissioner may request information from a provider to determine whether an extension is necessary.(d) A provider that receives an extension under subsection (c) and has not filed its annual disclosure statement during the period specified in subsection (a) shall inform all prospective residents, in a manner prescribed by the commissioner, that the provider has received an extension for filing its annual disclosure statement.As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.234-1985, SEC.2; P.L.153-2009, SEC.7; P.L.205-2021, SEC.2.
IN Code § 23-2-4-6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-6. Disclosure Statements; Amendment

Sec. 6. (a) A provider shall amend its initial or annual disclosure statement filed with the commissioner under section 3 and section 5 of this chapter at any time if necessary to prevent the initial or annual disclosure statement from containing any material misstatement of fact or omission of a material fact.(b) Upon the sale of a continuing care retirement community to a new provider, the new provider shall amend the currently filed disclosure statement to reflect the fact of sale and any other fact that would be required to be disclosed under section 4 of this chapter if the new provider were filing an initial disclosure statement.As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.153-2009, SEC.8.
IN Code § 23-2-4-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-7. Delivery of Disclosure Statements to Persons Executing Agreements

Sec. 7. (a) Prior to the execution of a continuing care agreement, a provider shall deliver to the contracting party and the prospective resident a copy of the initial disclosure statement and the latest annual disclosure statement.(b) After the execution of a continuing care agreement, a provider shall provide, upon request, a copy of the initial disclosure statement and the latest annual disclosure statement.As added by Acts 1982, P.L.145, SEC.1.
IN Code § 23-2-4-7.5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-7.5. Termination of Contract

Sec. 7.5. (a) This section does not apply to a continuing care retirement community registered before July 1, 2009.(b) A continuing care agreement may be terminated for any of the following reasons:(1) The provider has determined that the resident is inappropriate for living in the care setting.(2) The resident is unable to fully pay the periodic charges because the resident inappropriately divested the assets and income the resident identified at the time of admission to meet the ordinary and customary living expenses for the resident.(3) Providing assistance to the resident would jeopardize the financial solvency of the provider and the other residents being served by the provider.(4) The resident has requested a termination of the agreement as allowed under the agreement.As added by P.L.153-2009, SEC.9.
IN Code § 23-2-4-9 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-9. Offense

Sec. 9. A person who knowingly or intentionally fails to comply with any of the registration or disclosure requirements of sections 3, 4, 5, 6, or 7 of this chapter commits a Class A infraction.As added by Acts 1982, P.L.145, SEC.1.
IN Code § 23-2-4-11 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-11. Letter of Credit, Negotiable Securities, or Bond Instead of Escrow Account

Sec. 11. In lieu of establishing an escrow account under section 10 of this chapter, a provider may, with the commissioner's permission, post a letter of credit from a financial institution, negotiable securities, or a bond by a surety authorized to do business in Indiana. The letter of credit, negotiable securities, or bond must be:(1) approved by the commissioner as to form;(2) for an amount that is at least equal to the maximum amount of entrance fees reasonably anticipated by the provider to otherwise be subject to the escrow requirements set forth in section 10 of this chapter; and(3) executed in favor of the commissioner on behalf of individuals who may be found entitled to a refund of entrance fees.As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.152-2020, SEC.6.
IN Code § 23-2-4-12 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2. Securities and Franchises|Chapter 4. Supervision of Continuing Care Contracts|23-2-4-12. Entrance Fees; Use

Sec. 12. Any money or property received by a provider as an entrance fee to a continuing care retirement community constructed or purchased after August 31, 1982, or any income earned thereon, may be used by the provider only for purposes directly related to the construction, maintenance, or operation of that particular continuing care retirement community. A continuing care retirement community in operation on September 1, 1982, may not use the entrance fees or income earned thereon after August 31, 1982, for the construction, operation, or maintenance of another continuing care retirement community constructed or purchased after August 31, 1982.As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.153-2009, SEC.11.