Sec. 2. A complaint in a proceeding brought in the right of a corporation must be verified and allege with particularity the demand made, if any, to obtain action by the board of directors and either that the demand was refused or ignored or why the shareholder did not make the demand. Whether or not a demand for action was made, if the corporation commences an investigation of the charges made in the demand or complaint (including an investigation commenced under section 4 of this chapter), the court may stay any proceeding until the investigation is completed.
Ind. Code § 23-1-32-2
Complaint; stay of proceeding
Known as the Indiana Business Corporation Law
The act spans §§ 23–23 (253 sections).
Applied in 4 court decisions — leading case Boland v. Engle (1997)
Most recently applied in In Re ITT Derivative Litigation (June 2010)
As added by P.L.149-1986, SEC.16.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.