§ 27-1-8-11 — Prerequisites to corporate acts under amendment

Indiana § 27-1-8-11

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 8: Procedures for Amending Articles of Incorporation

Text

(a) A corporation whose articles of
incorporation have been amended in accordance with the provisions of
this chapter shall not exercise any power, right, or authority conferred
by, or take any action pursuant to, such amendment until:
(1) the corporation shall have filed one (1) of the triplicate copies
of the articles of amendment, bearing the endorsement of the
approval of the secretary of state as provided in section 8 of this
chapter, for record in the office of the county recorder of the
county in which the articles of incorporation of such corporation
were or should have been filed for record as provided in IC 27-1-6-13; and
(2) the company shall have filed a certified copy of such amended
certificate of authority for record with the county recorder of the
county wherein the principal office is located, which certified
copy shall be evidence only that the company is authorized and
licensed to transact the kind or kinds of insurance set out in the
amended certificate of authority, for the period stated in the
amended certficate of authority.
(b) If a corporation exercises any such power, right, or authority, or
takes any such action, in violation of this section, the officers and
directors who participated in the exercise or action in violation of this
section shall be severally liable for any debts or liabilities of the
corporation incurred because of the exercise or action or arising from
the exercise or action.
Formerly: Acts 1935, c.162, s.111. As amended by
P.L.252-1985, SEC.37; P.L.136-2018, SEC.153.