Ind. Code ch. 23-1.3-9

Ind. Code ch. 23-1.3-9
in effect

Ind. Code § 23-1.3-9-1 Limit on actions

Sec. 1. A person may not, except in a benefit enforcement proceeding, bring an action or assert a claim against a benefit corporation or its directors or officers with respect to either of the following: (1) The failure to pursue or create: (A) general public benefit; or (B) a specific public benefit identified in the benefit corporation's articles of incorporation. (2) A violation of an obligation, duty, or standard of conduct under this article. As added by P.L.93-2015, SEC.3.

Ind. Code § 23-1.3-9-2 Immune from liability for failure to pursue or create general or specific public benefit

Sec. 2. A benefit corporation is not liable for monetary damages under this article for any failure of the benefit corporation to pursue or create general public benefit or a specific public benefit. As added by P.L.93-2015, SEC.3.

Ind. Code § 23-1.3-9-3 Benefit enforcement proceeding

Sec. 3. A benefit enforcement proceeding may be commenced or maintained only: (1) directly by the benefit corporation; or (2) derivatively in accordance with IC 23-1-32 by: (A) a person or group of persons that owned at least two percent (2%) of the total number of shares of a class or series outstanding at the time of the act or omission complained of; (B) a director; (C) a person or group of persons that owned at least five percent (5%) of the outstanding equity interests in an entity of which the benefit corporation is a subsidiary at the time of the act or omission complained of; or (D) other persons as specified in the benefit corporation's articles of incorporation or bylaws. As added by P.L.93-2015, SEC.3.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026