Sec. 3. (a) A purchaser from a corporation of the corporation’s own shares is not liable to the corporation or the corporation’s creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or specified in the subscription agreement.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 28-13-2-3

  • 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) Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that the shareholder may become personally liable by reason of the shareholder’s own acts or conduct.

As added by P.L.14-1992, SEC.163.

  Previous section
Next section  
 Chapter 2 Contents