Indiana Code 27-3-1-7. Continuation of domestic corporation and acquiring corporation as separate entities
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Terms Used In Indiana Code 27-3-1-7
- 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.
Sec. 7. The domestic company and the acquiring corporation shall in all respects stand before the law as separate and distinct corporations, with neither of such corporations having any liability to the creditors, policyholders, if any, or shareholders of the other, any acts or omissions of the officers, directors, or shareholders of either or both of such corporations notwithstanding.
Formerly: Acts 1967, c.61, s.8.