Indiana Code 21-16-5-15. Immunity for officers and directors
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Terms Used In Indiana Code 21-16-5-15
- 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.
- Fraud: Intentional deception resulting in injury to another.
Sec. 15. Except for an act of fraud or intentional misconduct, an officer or director of the corporation is not individually liable for an act or omission regarding the exercise or performance of that person’s duty to the corporation.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-8.]
As added by P.L.2-2007, SEC.257.