1. (a) A corporation or an association organized under statutes in effect before February 23, 1925, may by a majority vote of its stockholders or members, elect to be governed by this chapter by:

   1. (1) limiting its stockholders or membership; and
   2. (2) adopting the other restrictions provided in this chapter.

2. (b) The corporation or association shall make out in duplicate a statement signed and sworn to by its directors specifying that the corporation or association has, by a majority vote of the stockholders or members:

   1. (1) decided to accept the benefits of and be bound by this chapter; and

   2. (2) authorized the changes.

      Articles of incorporation must be filed as required in section 12 of this chapter, except that the articles of incorporation must be signed by the current members of the board of directors. The filing fee is the same as for filing an amendment to articles of incorporation.

      [Pre-2008 Recodification Citation: 15-7-1-23.]

As added by P.L.2-2008, SEC.3. Amended by P.L.86-2008, SEC.7.