Sec. 4. (a) Except as provided in subsection (b), the validity of corporate action may not be challenged on the ground that the corporation lacks or lacked power to act. (b) A corporation's power to act may be challenged in a proceeding against the corporation for a declaratory judgment or to enjoin an act where a third party has not acquired rights. The proceeding may be brought by the attorney general or a director. IC 23-17-5 Chapter 5. Repealed IC 23-17-6 Chapter 6. Repealed IC 23-17-7 Chapter 7. Members; Admission; Types of Memberships; Rights and Duties 23-17-7-1 Criteria or procedures for admission; consent 23-17-7-2 Consideration for admission 23-17-7-3 Corporations without members 23-17-7-4 Rights and duties; membership classes 23-17-7-5 Transfer rights; restrictions 23-17-7-6 Liability for acts or debts of corporation 23-17-7-7 Liability for obligations; transferee's liability 23-17-7-8 Creditor's proceedings; liability of members; prerequisites; intervention and joinder 23-17-7-9 Advancements or loans to corporation; return or repayment
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