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2018 Indiana Code
TITLE 23. Business and other Associations
ARTICLE 1.3. BENEFIT CORPORATIONS
CHAPTER 9. Right of Action
23-1.3-9-3. Benefit enforcement proceeding
Universal Citation: IN Code § 23-1.3-9-3 (2018)
IC 23-1.3-9-3 Benefit enforcement proceeding
Sec. 3. A benefit enforcement proceeding may be commenced or maintained only:
(1) directly by the benefit corporation; or
(2) derivatively in accordance with IC 23-1-32 by:
(A) a person or group of persons that owned at least two percent (2%) of the total number of shares of a class or series outstanding at the time of the act or omission complained of;
(B) a director;
(C) a person or group of persons that owned at least five percent (5%) of the outstanding equity interests in an entity of which the benefit corporation is a subsidiary at the time of the act or omission complained of; or
(D) other persons as specified in the benefit corporation's articles of incorporation or bylaws.
As added by P.L.93-2015, SEC.3.
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