Sec. 3. A benefit enforcement proceeding may be commenced or maintained only: (1) directly by the benefit corporation; or (2) derivatively in accordance with IC 23-1-32 by: (A) a person or group of persons that owned at least two percent (2%) of the total number of shares of a class or series outstanding at the time of the act or omission complained of; (B) a director; (C) a person or group of persons that owned at least five percent (5%) of the outstanding equity interests in an entity of which the benefit corporation is a subsidiary at the time of the act or omission complained of; or (D) other persons as specified in the benefit corporation's articles of incorporation or bylaws. IC 23-1.3-10 Chapter 10. Annual Benefit Report 23-1.3-10-1 Content 23-1.3-10-2 Written correspondence by benefit director 23-1.3-10-3 Audit or certification not required 23-1.3-10-4 Send to shareholders 23-1.3-10-5 Post on Internet web site 23-1.3-10-6 Delivery to secretary of state for filing
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.