Sec. 4. (a) The election or appointment of an officer does not itself create contract rights.

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Terms Used In Indiana Code 23-1-36-4

  • Contract: A legal written agreement that becomes binding when signed.
  • 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) An officer’s removal does not affect the officer’s contract rights, if any, with the corporation. An officer’s resignation does not affect the corporation’s contract rights, if any, with the officer.

As added by P.L.149-1986, SEC.20.

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