Indiana § 23-1-26-3 Shareholder liability

Indiana Statutes

§ 23-1-26-3 — Shareholder liability

Indiana § 23-1-26-3

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 1INDIANA BUSINESS CORPORATION LAW

Ch. 26Issuance of Shares

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Bluebook

Ind. Code § 23-1-26-3 (2026).

Text

(a)A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued (section 2 of this chapter) or specified in the subscription agreement (section 1 of this chapter).

(b)Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that the shareholder may become personally liable by reason of the shareholder's own acts or conduct.

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(a) A purchaser from a corporation of its own
shares is not liable to the corporation or its creditors with respect to the
shares except to pay the consideration for which the shares were
authorized to be issued (section 2 of this chapter) or specified in the
subscription agreement (section 1 of this chapter).
(b) Unless otherwise provided in the articles of incorporation, a
shareholder of a corporation is not personally liable for the acts or
debts of the corporation except that the shareholder may become
personally liable by reason of the shareholder's own acts or conduct.