Sec. 15. (a) No director, officer, or member of any such corporation or corporations, except as fully expressed in the affidavits described in section 14 of this chapter, may receive any money or other property for aiding, promoting, or assisting in such a merger, consolidation, or reinsurance.

     (b) A person who violates this section commits a Class A misdemeanor.

Formerly: Acts 1935, c.162, s.130. As amended by Acts 1978, P.L.2, SEC.2709.

Attorney's Note

Under the Indiana Code, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Class A misdemeanorup to 1 yearup to $5,000
For details, see Ind. Code § 35-50-3-2

Terms Used In Indiana Code 27-1-9-15

  • member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
  • person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
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