Indiana Code 28-1-22-10. Premature transaction of business; personal liability of officers and directors
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Terms Used In Indiana Code 28-1-22-10
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Sec. 10. If a foreign corporation transacts business in this state before it has received the approval of the department, the officers and directors of the corporation shall be severally liable for the liabilities of the corporation that result from the corporation’s transaction of business in Indiana.
Formerly: Acts 1933, c.40, s.333. As amended by P.L.171-1996, SEC.15; P.L.11-1998, SEC.3.