Indiana Code 28-13-11-1. Discharge of duties; good faith; ordinary prudence; best interests of corporation
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Sec. 1. A director shall, based on facts then known to the director, discharge the duties of a director, including the director’s duties as a member of a committee:
(2) with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
(1) in good faith;
Terms Used In Indiana Code 28-13-11-1
- 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.
(3) in a manner the director reasonably believes to be in the best interests of the corporation.
As added by P.L.14-1992, SEC.163.