Indiana Code
Chapter 24. Judicial Dissolution
23-17-24-1.5. Remedies, Assurance of Voluntary Compliance

Sec. 1.5. (a) This section applies to the following:
(1) Notwithstanding IC 23-17-1-1, all corporations organized under Indiana law for a purpose for which a corporation may be organized under this article, regardless of the date of incorporation.
(2) A foreign corporation that desires to transact business in Indiana.
(b) In addition to a dissolution under section 1 of this chapter, the attorney general may petition a court to issue one (1) or more of the following remedies:
(1) Injunctive relief.
(2) Appointment of temporary or permanent receivers.
(3) Permanent removal of trustees, corporate officers, or directors who have breached the fiduciary duty.
(4) Appointment of permanent court approved replacement trustees, corporate officers or directors, and members.
(c) The attorney general may seek a remedy against any or all of the following:
(1) If the attorney general establishes a condition enumerated in section 1(a)(1) of this chapter, a corporation.
(2) For a violation of the officer's duties under IC 23-17-14-2, a corporate officer.
(3) For a violation of IC 23-17-13, a corporate director.
(d) In addition to any remedies described in subsection (b), the attorney general may accept a written assurance of voluntary compliance with respect to:
(1) a past, an existing, or an imminent condition enumerated in section 1(a)(1) of this chapter; or
(2) any past, existing, or imminent violation of a duty under this article by a corporation, director, officer, member, trustee, or other corporate principal.
(e) An assurance of voluntary compliance described in subsection (d) may include a stipulation for the voluntary payment by the person of:
(1) the costs of an investigation;
(2) an amount to be held in escrow pending the outcome of an action;
(3) an amount to be held in escrow pending the outcome of an action as restitution to an aggrieved nonprofit corporation or person; or
(4) both amounts described in subdivisions (2) and (3).
(f) An assurance of voluntary compliance described in subsection (d):
(1) must be filed with; and
(2) is subject to the approval of;
the court having jurisdiction.
(g) An assurance of voluntary compliance described in subsection (d) is not considered an admission of a violation of any law.
(h) If the attorney general closes a matter by accepting an assurance of voluntary compliance described in subsection (d), the attorney general may reopen the matter for further proceedings within the period of the applicable statute of limitations.
As added by P.L.245-2005, SEC.4. Amended by P.L.65-2014, SEC.4.

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