Indiana § 23-17-24-1.5 Remedies, assurance of voluntary compliance

Indiana Statutes

§ 23-17-24-1.5 — Remedies, assurance of voluntary compliance

Indiana § 23-17-24-1.5

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 17NONPROFIT CORPORATIONS

Ch. 24Judicial Dissolution

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Bluebook

Ind. Code § 23-17-24-1.5 (2026).

Text

5.

(a)This section applies to the following:

(1)Notwithstanding IC 23-17-1-1, all corporations organized under Indiana law for a purpose for which a corporation may be organized under this article, regardless of the date of incorporation.

(2)A foreign corporation that desires to transact business in Indiana.

(b)In addition to a dissolution under section 1 of this chapter, the attorney general may petition a court to issue one (1) or more of the following remedies:

(1)Injunctive relief.

(2)Appointment of temporary or permanent receivers.

(3)Permanent removal of trustees, corporate officers, or directors who have breached the fiduciary duty.

(4)Appointment of permanent court approved replacement trustees, corporate officers or directors, and members.

(c)The attorney general may seek

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5. (a) This section applies to the following:
(1) Notwithstanding IC 23-17-1-1, all corporations organized
under Indiana law for a purpose for which a corporation may be
organized under this article, regardless of the date of
incorporation.
(2) A foreign corporation that desires to transact business in
Indiana.
(b) In addition to a dissolution under section 1 of this chapter, the
attorney general may petition a court to issue one (1) or more of the
following remedies:
(1) Injunctive relief.
(2) Appointment of temporary or permanent receivers.
(3) Permanent removal of trustees, corporate officers, or directors
who have breached the fiduciary duty.
(4) Appointment of permanent court approved replacement
trustees, corporate officers or directors, and members.
(c) The attorney general may seek a remedy against any or all of the
following:
(1) If the attorney general establishes a condition enumerated in
section 1(a)(1) of this chapter, a corporation.
(2) For a violation of the officer's duties under IC 23-17-14-2, a
corporate officer.
(3) For a violation of IC 23-17-13, a corporate director.
(d) In addition to any remedies described in subsection (b), the
attorney general may accept a written assurance of voluntary
compliance with respect to:
(1) a past, an existing, or an imminent condition enumerated in
section 1(a)(1) of this chapter; or
(2) any past, existing, or imminent violation of a duty under this
article by a corporation, director, officer, member, trustee, or
other corporate principal.
(e) An assurance of voluntary compliance described in subsection
(d) may include a stipulation for the voluntary payment by the person
of:
(1) the costs of an investigation;
(2) an amount to be held in escrow pending the outcome of an
action;
(3) an amount to be held in escrow pending the outcome of an
action as restitution to an aggrieved nonprofit corporation or
person; or
(4) both amounts described in subdivisions (2) and (3).
(f) An assurance of voluntary compliance described in subsection
(d):
(1) must be filed with; and
(2) is subject to the approval of;
the court having jurisdiction.
(g) An assurance of voluntary compliance described in subsection
(d) is not considered an admission of a violation of any law.
(h) If the attorney general closes a matter by accepting an assurance
of voluntary compliance described in subsection (d), the attorney
general may reopen the matter for further proceedings within the period
of the applicable statute of limitations.