Sec. 7. (a) The articles of incorporation or bylaws of a benefit corporation must provide that the persons or shareholders who perform the duties of the board of directors include a person with the powers, duties, rights, and immunities of a benefit director if the articles of incorporation of the benefit corporation provide that the powers and duties conferred or imposed upon the board of directors shall be exercised or performed by a person other than the directors under IC 23-1-33-1(c).

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Terms Used In Indiana Code 23-1.3-6-7

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
     (b) A person that exercises one (1) or more of the powers, duties, or rights of a benefit director under this section:

(1) does not need to be independent of the benefit corporation;

(2) has the immunities of a benefit director; and

(3) may share the powers, duties, and rights of a benefit director with one (1) or more persons.

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

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