Indiana § 23-1.3-5-3 Immune from personal liability

Indiana Statutes

§ 23-1.3-5-3 — Immune from personal liability

Indiana § 23-1.3-5-3

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 1.3BENEFIT CORPORATIONS

Ch. 5Standard of Conduct for Directors

This text of Indiana § 23-1.3-5-3 (Immune from personal liability) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-1.3-5-3 (2026).

Text

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.

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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.