Indiana Code 28-1-22-20. Change of business before approval; personal liability of officers and directors
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Terms Used In Indiana Code 28-1-22-20
- 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. 20. If a foreign corporation changes the nature of the business it transacts in Indiana before the business receives the department’s approval, the officers and directors of such corporation shall be severally liable for the liabilities of the corporation that result from the corporation’s transaction of that business in Indiana.
Formerly: Acts 1933, c.40, s.343. As amended by P.L.263-1985, SEC.93; P.L.14-1992, SEC.105; P.L.171-1996, SEC.23; P.L.11-1998, SEC.5.