Sec. 16. (a) A member of a surviving corporation or successor corporation formed under this chapter is not liable or responsible for the debts or liabilities of the surviving corporation or successor corporation.

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Terms Used In Indiana Code 8-1-17.5-16

  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • successor corporation: means a corporation that is formed from a consolidation of two (2) or more corporations under this chapter. See Indiana Code 8-1-17.5-5
  • surviving corporation: means the corporation that remains after a merger of two (2) or more corporations under this chapter. See Indiana Code 8-1-17.5-6
     (b) A director of a surviving corporation or successor corporation formed under this chapter is not personally liable for the acts or omissions of the surviving corporation or successor corporation if the director acts in good faith in performing the director’s duties under this chapter or under the bylaws or articles of incorporation of the surviving corporation or successor corporation.

As added by P.L.18-2010, SEC.1.

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