Sec. 27. (a) No member of any corporation shall be liable or responsible for its debts or liabilities.
(b) A director of a distribution cooperative corporation or a director of a power supplier whose members are corporations as defined in this chapter is not personally liable while acting in good faith for the acts or omissions of the distribution cooperative corporation or the power supplier.
Formerly: Acts 1935, c.175, s.27; Acts 1939, c.106, s.3. As amended by P.L.59-1984, SEC.71; P.L.121-1987, SEC.4.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 1. Utilities Generally
Chapter 13. Rural Electric Membership Corporation Act
8-1-13-2. Incorporation; Purpose
8-1-13-4. Articles of Incorporation
8-1-13-5. Articles of Incorporation; Action by Commission
8-1-13-7. Board of Directors; Powers and Duties
8-1-13-8. Membership Certificates; Meetings of Members
8-1-13-9. Conditions of Membership; Restrictions to Providing Services
8-1-13-10. Powers of Corporation
8-1-13-11. Enumerated Powers of Corporation
8-1-13-12. Sale, Encumbrance, or Other Disposition of Property
8-1-13-13. Obligations in Anticipation of Revenue; Authority to Issue
8-1-13-14. Obligations; Covenants or Agreements
8-1-13-15. Purchase; Own Obligations
8-1-13-16. Consolidation or Merger; Mutual Benefit Corporations
8-1-13-17. Services, Facilities, and Charges; Sinking Fund; Rea Borrowers
8-1-13-18. Rates and Charges; Jurisdiction and Powers of Commission
8-1-13-18.5. Withdrawal From Jurisdiction of Commission
8-1-13-21. Dissolution of Corporation
8-1-13-22. Articles of Incorporation; Amendment; Change of Name; Change of Territory
8-1-13-24. Commission Decisions or Orders; Appeal
8-1-13-25. Construction of Chapter
8-1-13-27. Liability of Members and Directors
8-1-13-28. Rules; Customer Relations; Adoption; Complaints; Procedures
8-1-13-29. Rates, Tolls, and Charges; Schedules; Filing; Approval
8-1-13-32. Investigations; Agents; Powers; Recommendations
8-1-13-33. Uniform Accounts; Requisites
8-1-13-34. Furnishing of Information; Requirement
8-1-13-35. Blank Forms Received; Verification; Delivery of Documents, Books, and Papers
8-1-13-37. Investigation by Commission on Its Own Motion; Rates, Service, or Territory
8-1-13-40. Subpoena Power of Commissioners and Authorized Agents; Enforcement
8-1-13-41. Violations of Chapter; Findings; Just and Reasonable Orders to Be Made
8-1-13-42. Rules; Adoption; Prior Rules Validated
8-1-13-43. Maximum Borrowing and Expenditures for Economic Development