Indiana § 8-1-13-27 Liability of members and directors

Indiana Statutes

§ 8-1-13-27 — Liability of members and directors

Indiana § 8-1-13-27

Art. 1UTILITIES GENERALLY

Ch. 13Rural Electric Membership Corporation Act

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Bluebook

Ind. Code § 8-1-13-27 (2026).

Text

(a)No member of any corporation shall be liable or responsible for its debts or liabilities.

(b)A director of a distribution cooperative corporation or a director of a power supplier whose members are corporations as defined in this chapter is not personally liable while acting in good faith for the acts or omissions of the distribution cooperative corporation or the power supplier. Formerly: Acts 1935, c.175, s.27; Acts 1939, c.106, s.3. As amended by P.L.59-1984, SEC.71; P.L.121-1987, SEC.4.

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(a) No member of any corporation shall be
liable or responsible for its debts or liabilities.
(b) A director of a distribution cooperative corporation or a director
of a power supplier whose members are corporations as defined in this
chapter is not personally liable while acting in good faith for the acts
or omissions of the distribution cooperative corporation or the power
supplier.
Formerly: Acts 1935, c.175, s.27; Acts 1939, c.106, s.3. As
amended by P.L.59-1984, SEC.71; P.L.121-1987, SEC.4.