Indiana Statutes
§ 23-17-4-4 — Challenges based on corporate power to act
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 17 NONPROFIT CORPORATIONS·Ch. 4 Purposes and Powers
(a)Except as provided in subsection (b), the
validity of corporate action may not be challenged on the ground that
the corporation lacks or lacked power to act.
(b)A corporation's power to act may be challenged in a proceeding
against the corporation for a declaratory judgment or to enjoin an act
where a third party has not acquired rights. The proceeding may be
brought by the attorney general or a director.
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Legislative History
As added by P.L.179-1991, SEC.1.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"