Indiana Code 8-1-13-27. Liability of members and directors
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Sec. 27. (a) No member of any corporation shall be liable or responsible for its debts or liabilities.
(b) A director of a distribution cooperative corporation or a director of a power supplier whose members are corporations as defined in this chapter is not personally liable while acting in good faith for the acts or omissions of the distribution cooperative corporation or the power supplier.
Formerly: Acts 1935, c.175, s.27; Acts 1939, c.106, s.3. As amended by P.L.59-1984, SEC.71; P.L.121-1987, SEC.4.
Terms Used In Indiana Code 8-1-13-27
- 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.