Indiana § 23-1-32-1 Right to commence or maintain proceeding

Indiana Statutes

§ 23-1-32-1 — Right to commence or maintain proceeding

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 1 INDIANA BUSINESS CORPORATION LAW·Ch. 32 Derivative Proceedings

A person may not commence a proceeding in
the right of a domestic or foreign corporation unless the person was a
shareholder of the corporation when the transaction complained of
occurred or unless the person became a shareholder through transfer by
operation of law from one who was a shareholder at that time. The
derivative proceeding may not be maintained if it appears that the
person commencing the proceeding does not fairly and adequately
represent the interests of the shareholders in enforcing the right of the
corporation.

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A person may not commence a proceeding in
the right of a domestic or foreign corporation unless the person was a
shareholder of the corporation when the transaction complained of
occurred or unless the person became a shareholder through transfer by
operation of law from one who was a shareholder at that time. The
derivative proceeding may not be maintained if it appears that the
person commencing the proceeding does not fairly and adequately
represent the interests of the shareholders in enforcing the right of the
corporation.

Indiana § 23-1-32-1 (Right to commence or maintain proceeding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.