Indiana § 23-1.3-7-3 Immune from personal liability

Indiana Statutes

§ 23-1.3-7-3 — Immune from personal liability

Indiana § 23-1.3-7-3

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 1.3BENEFIT CORPORATIONS

Ch. 7Standard of Conduct for Officers

This text of Indiana § 23-1.3-7-3 (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 § 23-1.3-7-3 (2026).

Text

Except as provided in the bylaws of the benefit corporation, an officer is not personally liable for monetary damages for:

(1)an action or inaction as an officer in the course of performing the duties of an officer under section 1 of this chapter if the officer performed the duties of the position in compliance with IC 23-1 and this chapter; or

(2)failure of the benefit corporation to pursue or create general public benefit or a specific public benefit.

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Except as provided in the bylaws of the benefit
corporation, an officer is not personally liable for monetary damages
for:
(1) an action or inaction as an officer in the course of performing
the duties of an officer under section 1 of this chapter if the
officer performed the duties of the position in compliance with IC 23-1 and this chapter; or
(2) failure of the benefit corporation to pursue or create general
public benefit or a specific public benefit.