There is a newer version
of
this Section
2019 Indiana Code
Title 23. Business and Other Associations
Article 1.3. Benefit Corporations
Chapter 5. Standard of Conduct for Directors
23-1.3-5-3. Immune from personal liability
Universal Citation: IN Code § 23-1.3-5-3 (2019)
IC 23-1.3-5-3 Immune from personal liability
Sec. 3. Except as otherwise provided in the bylaws of a benefit corporation, a director is not personally liable for monetary damages for:
(1) any action or inaction in the course of performing the duties of a director under section 1 of this chapter if the director performed the duties in compliance with IC 23-1-35 and this chapter; or
(2) the failure of the benefit corporation to pursue or create general public benefit or a specific public benefit.
As added by P.L.93-2015, SEC.3.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
