§ 27-1-6-13 — Requirements for commencing business or incurring indebtedness; liability for violations

Any company organized under this article
shall not transact any business or incur any indebtedness until:
(a) one (1) of the triplicate copies of the articles of incorporation,
bearing the approval of the department and the attorney general
and the endorsement of the approval of the secretary of state, as
provided in section 10 of this chapter has been filed for record
with the county recorder of the county in which the principal
office is located; and
(b) a certified copy of the permit for completion of organization,
issued pursuant to section 11 of this chapter, shall be filed for
record with the county recorder of the county in which the
principal office is located, which certified copy shall be evidence
only that the company has been authorized to proceed in the
completion of its organization.
If a company transacts any business or incurs any indebtedness in
violation of this section, the officers who participated in the transaction
of business or incurring the indebtedness and the directors, except
those who dissented from transacting the business or incurring the
indebtedness and caused their dissent to be filed at the time in the
principal office of the company or who, being absent, filed their dissent
upon learning of the action, shall be severally liable for the debts or
liabilities of the company so incurred or arising from transacting the
business or incurring the indebtedness.
Formerly: Acts 1935, c.162, s.73. As amended by P.L.252-1985,
SEC.23; P.L.136-2018, SEC.146.