Note: This version of section effective until 1-1-2024. See also following repeal of this chapter, effective 1-1-2024.

     Sec. 12. As used in this chapter, “material litigation” means litigation that under United States generally accepted accounting principles is considered significant to the financial health of a business and would be required to be referenced in a corporation‘s or business’s annual audited financial statements, report to shareholders, or a similar document.

As added by P.L.42-1993, SEC.85. Amended by P.L.69-2018, SEC.60.

Terms Used In Indiana Code 28-8-4-12

  • 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.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5