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23-1.3-9-3. Benefit enforcement proceeding

IN Code § 23-1.3-9-3 (2019) (N/A)
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Sec. 3. A benefit enforcement proceeding may be commenced or maintained only:

(1) directly by the benefit corporation; or

(2) derivatively in accordance with IC 23-1-32 by:

(A) a person or group of persons that owned at least two percent (2%) of the total number of shares of a class or series outstanding at the time of the act or omission complained of;

(B) a director;

(C) a person or group of persons that owned at least five percent (5%) of the outstanding equity interests in an entity of which the benefit corporation is a subsidiary at the time of the act or omission complained of; or

(D) other persons as specified in the benefit corporation's articles of incorporation or bylaws.

As added by P.L.93-2015, SEC.3.

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23-1.3-9-2. Immune from liability for failure to pursue or create general or specific public benefit
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