1. (a) A sale, lease, exchange, or other disposition described in section 1 of this chapter must first be proposed by the board of directors by the adoption of a resolution that:

   1. (1) sets forth the terms and conditions of the sale, lease, exchange, or other disposition; and
   2. (2) directs that the proposed disposition be submitted to a vote of the shareholders at the annual meeting or a special meeting.

2. (b) The meeting described in subsection (a)(2) shall:

   1. (1) be called in the resolution required by subsection (a); and

   2. (2) be in accordance with:

      1. (A) IC 28-13-5-8 , in the case of a corporation other than a credit union; and
      2. (B) IC 28-7-1-14 , in the case of a credit union.

As amended by P.L.263-1985, SEC.38; P.L.14-1992, SEC.75; P.L.122-1994, SEC.74; P.L.27-2012, SEC.45; P.L.159-2017, SEC.27.