Indiana Code 23-17-1-0.2. Effect of repeal of IC 23-7-1.1; effect of reduction by P.L.179-1991 of penalty or punishment
(1) Any action taken:
Terms Used In Indiana Code 23-17-1-0.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(i) IC 23-7-1.1;
(ii) the Indiana general not-for-profit corporation act of 1935; or
(iii) any prior law under which domestic nonprofit entities were organized;
before the repeal of IC 23-7-1.1; or
(B) before the applicability of P.L.179-1991 to a nonprofit entity;
whichever is later, including the continuing validity of a domestic nonprofit entity’s articles of incorporation, bylaws, or other organic documents, indemnification provisions for directors, officers, employees, and agents, resolutions of the board of directors or governing body and name.
(2) A ratification, a right, a remedy, a privilege, an obligation, or a liability acquired, accrued, or incurred before the applicability of P.L.179-1991 to a nonprofit entity under:
(A) IC 23-7-1.1 (before its repeal);
(B) the Indiana general not-for-profit corporation act of 1935 before the repeal of IC 23-7-1.1; or
(C) any prior law under which domestic nonprofit entities were organized.
(3) A:
(A) violation of:
(i) IC 23-7-1.1 (before its repeal);
(ii) the Indiana general not-for-profit corporation act of 1935; or
(iii) any prior law under which domestic nonprofit entities were organized; or
(B) penalty, forfeiture, or punishment incurred because of the violation before the applicability of P.L.179-1991 to a nonprofit entity.
(4) A proceeding, reorganization, or dissolution commenced before the applicability of P.L.179-1991 to a nonprofit entity under:
(A) IC 23-7-1.1 (before its repeal);
(B) the Indiana general not-for-profit corporation act of 1935 before the repeal of IC 23-7-1.1; or
(C) any prior law under which domestic nonprofit entities were organized.
The proceeding, reorganization, or dissolution may be completed in accordance with IC 23-7-1.1 (before its repeal), the Indiana general not-for-profit corporation act of 1935, or any prior law under which nonprofit corporations were organized as if P.L.179-1991 had not been enacted.
(5) Any action as a result of a meeting of members or directors or action by written consent taken before the applicability of P.L.179-1991 to a nonprofit entity.
(b) If a penalty or punishment imposed for a violation of:
(1) IC 23-7-1.1 (before its repeal);
(2) the Indiana general not-for-profit corporation act of 1935; or
(3) any prior law under which domestic nonprofit entities were organized;
is reduced by P.L.179-1991, the penalty or punishment shall, if not already imposed, be imposed in accordance with P.L.179-1991.
As added by P.L.220-2011, SEC.383.