Indiana § 28-1-22-20 Change of business before approval; personal liability of officers and
directors

Indiana Statutes

§ 28-1-22-20 — Change of business before approval; personal liability of officers and directors

Indiana § 28-1-22-20

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 22Foreign Corporations

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Bluebook

Ind. Code § 28-1-22-20 (2026).

Text

If a foreign corporation changes the nature
of the business it transacts in Indiana before the business receives the
department's approval, the officers and directors of such corporation
shall be severally liable for the liabilities of the corporation that result
from the corporation's transaction of that business in Indiana.
Formerly: Acts 1933, c.40, s.343. As amended by P.L.263-1985,
SEC.93; P.L.14-1992, SEC.105; P.L.171-1996, SEC.23; P.L.11-1998,
SEC.5.

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If a foreign corporation changes the nature
of the business it transacts in Indiana before the business receives the
department's approval, the officers and directors of such corporation
shall be severally liable for the liabilities of the corporation that result
from the corporation's transaction of that business in Indiana.
Formerly: Acts 1933, c.40, s.343. As amended by P.L.263-1985,
SEC.93; P.L.14-1992, SEC.105; P.L.171-1996, SEC.23; P.L.11-1998,
SEC.5.