Sec. 20. If a foreign corporation changes the nature of the business it transacts in Indiana before the business receives the department's approval, the officers and directors of such corporation shall be severally liable for the liabilities of the corporation that result from the corporation's transaction of that business in Indiana.
Formerly: Acts 1933, c.40, s.343. As amended by P.L.263-1985, SEC.93; P.L.14-1992, SEC.105; P.L.171-1996, SEC.23; P.L.11-1998, SEC.5.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 22. Foreign Corporations
28-1-22-1. Necessity of Certificate of Admission
28-1-22-2. Authorized Business; Equality of Rights and Privileges With Domestic Corporations
28-1-22-3. Restrictions on Name
28-1-22-4. Application for Admission; Fees and Supporting Documents
28-1-22-8. Effect of Certificate of Admission
28-1-22-10. Premature Transaction of Business; Personal Liability of Officers and Directors
28-1-22-12. Affidavit Stating Location of Principal Office and Name of Agent for Service of Process
28-1-22-15. Change of Business; Amended Certificate of Admission
28-1-22-16. Application for Amended Certificate of Admission
28-1-22-18. Issuance of Amended Certificate of Admission
28-1-22-19. Effect of Amended Certificate of Admission
28-1-22-20. Change of Business Before Approval; Personal Liability of Officers and Directors
28-1-22-21. Statement of Withdrawal
28-1-22-22. Form; Actions Not Affected
28-1-22-24. Revocation of Certificate of Admission
28-1-22-25. Duties of Department Upon Revocation
28-1-22-28. Transaction of Business Without Certificate; Offenses; Remedies