Sec. 30. “Private organic rules” means the rules, whether or not in a record, that govern the internal affairs of an entity, are binding on all its interest holders, and are not part of its public organic record, if any. The term includes:

(1) the bylaws of a business corporation;

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Terms Used In Indiana Code 23-0.5-1.5-30

  • 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.
(2) the bylaws of a nonprofit corporation;

(3) the partnership agreement of a general partnership;

(4) the partnership agreement of a limited partnership; and

(5) the operating agreement of a limited liability company.

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

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