A society, an association, or a corporation described in section 1 of this chapter may:

1. (1) upon authority granted by the votes of those holding two-thirds (2/3) of the shares of stock:

   1. (A) sell; and
   2. (B) convey by deed all or any part of its grounds and property at any time; and

2. (2) use the proceeds obtained from the sale in payment of its obligations, or for other and usual corporate purposes, in the same manner as corporations generally are authorized to do.

   After payment of its obligations the society, association, or corporation may distribute the proceeds among the shareholders.

   [Pre-2008 Recodification Citation: 15-1-10-2.]

As added by P.L.2-2008, SEC.5.