Indiana Code 34-17-3-5. Judgment or exclusion from office, franchise, or corporate rights; dissolution of corporation

Sec. 5. (a) This section applies whenever:

(1) a person is found guilty of usurping, intruding into, or unlawfully exercising:

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.
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
Plaintiff: The person who files the complaint in a civil lawsuit.

(A) an office or a franchise within Indiana; or

(B) an office in a corporation created by the authority of this state;

(2) a public officer thus charged is found guilty of having done or suffered an act which, by law, works a forfeiture of the office; or

(3) an association or number of persons is found guilty of having acted as a corporation, without having been legally incorporated.

(b) The court shall give judgment of ouster against the defendant and:

(1) exclude the defendant from the office, franchise, or corporate rights;

(2) in cases of corporations, dissolve the corporation; and

(3) adjudge costs in favor of the plaintiff.

[Pre-1998 Recodification Citation: 34-1-59-11.]

As added by P.L.1-1998, SEC.12.