GroundRules
IC 8-1-17.5-16: Members not liable for debts or liabilities of corporation; director acting in good faith not personally liable
Where this section sits in the code
- TITLE 8. UTILITIES AND TRANSPORTATION
- ARTICLE 1. UTILITIES GENERALLY
- Chapter 17.5. Merger or Consolidation of Rural Electric Membership Corporations and Telephone Cooperative Corporations
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.
(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.
Collected 2026-10-04T20:08:46Z. Source file · JSON