Sec. 15. “Governing person” means:

(1) a director of a business corporation;

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Terms Used In Indiana Code 23-0.5-1.5-15

  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Trustee: A person or institution holding and administering property in trust.
(2) a director or trustee of a nonprofit corporation;

(3) a general partner of a general partnership;

(4) a general partner of a limited partnership;

(5) a manager of a manager-managed limited liability company;

(6) a member of a member-managed limited liability company; or

(7) any other individual under whose authority the powers of an entity are exercised and under whose direction the activities and affairs of the entity are managed under the organic law and organic rules of the entity.

As added by P.L.118-2017, SEC.5. Amended by P.L.177-2019, SEC.5.

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