Indiana Code 23-1.3-5-3. Immune from personal liability
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Sec. 3. Except as otherwise provided in the bylaws of a benefit corporation, a director is not personally liable for monetary damages for:
(2) the failure of the benefit corporation to pursue or create general public benefit or a specific public benefit.
(1) any action or inaction in the course of performing the duties of a director under section 1 of this chapter if the director performed the duties in compliance with IC 23-1-35 and this chapter; or
Terms Used In Indiana Code 23-1.3-5-3
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
As added by P.L.93-2015, SEC.3.