Sec. 4. (a) Subject to section 1(d) of this chapter, a director who votes for or assents to a distribution made in violation of this article or articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds the amount that could have been distributed without violating this article or articles of incorporation. (b) A director who is held liable for an unlawful distribution under subsection (a) is entitled to contribution from the following: (1) Every other director who voted for or assented to the distribution, subject to section 1(d) of this chapter. (2) Each person who received an unlawful distribution for the amount of the distribution accepted whether or not the person receiving the distribution knew the distribution was made in violation of this article, articles of incorporation, or the bylaws. IC 23-17-14 Chapter 14. Officers 23-17-14-1 Required officers; preparation of minutes of meetings and authentication of corporate records; offices held simultaneously 23-17-14-2 Duties 23-17-14-3 Resignation 23-17-14-4 Election, appointment, resignation, or removal; contract rights
‹ 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.