Sec. 11. (a) A corporation whose articles of incorporation have been amended in accordance with the provisions of this chapter shall not exercise any power, right, or authority conferred by, or take any action pursuant to, such amendment until:
(1) the corporation shall have filed one (1) of the triplicate copies of the articles of amendment, bearing the endorsement of the approval of the secretary of state as provided in section 8 of this chapter, for record in the office of the county recorder of the county in which the articles of incorporation of such corporation were or should have been filed for record as provided in IC 27-1-6-13; and
(2) the company shall have filed a certified copy of such amended certificate of authority for record with the county recorder of the county wherein the principal office is located, which certified copy shall be evidence only that the company is authorized and licensed to transact the kind or kinds of insurance set out in the amended certificate of authority, for the period stated in the amended certficate of authority.
(b) If a corporation exercises any such power, right, or authority, or takes any such action, in violation of this section, the officers and directors who participated in the exercise or action in violation of this section shall be severally liable for any debts or liabilities of the corporation incurred because of the exercise or action or arising from the exercise or action.
Formerly: Acts 1935, c.162, s.111. As amended by P.L.252-1985, SEC.37; P.L.136-2018, SEC.153.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 8. Procedures for Amending Articles of Incorporation
27-1-8-2. Proposal of Amendment
27-1-8-4. Form and Content of Articles of Amendment
27-1-8-5. Execution and Presentation of Articles of Amendment to Department
27-1-8-6. Approval or Disapproval of Articles of Amendment by Department
27-1-8-7. Submission of Articles of Amendment to Attorney General
27-1-8-8. Presentation of Articles of Amendment to Secretary of State; Duties of Secretary of State
27-1-8-9. Amended Certificate of Authority
27-1-8-10. Effect of Amendment
27-1-8-11. Prerequisites to Corporate Acts Under Amendment
27-1-8-12. Restrictions on Amendments; Decreasing Capital Stock