Sec. 5.4. (a) This section applies to the following: (1) A foreign business association that: (A) has not obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23 , as applicable; or (B) has obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23 , as applicable, but is not in good standing in Indiana as determined by the secretary of state. (2) A person who is an agent of a person described in this subsection. (b) As used in this section, "foreign business association" means a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another state or another country. (c) A person subject to this section may not purchase a tract offered for sale under section 5 or 6.1 of this chapter. However, this section does not prohibit a person from bidding on a tract that is owned by the person and offered for sale under section 5 of this chapter.
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