Sec. 10. If a foreign corporation transacts business in this state before it has received the approval of the department, the officers and directors of the corporation shall be severally liable for the liabilities of the corporation that result from the corporation's transaction of business in Indiana.
Ind. Code § 28-1-22-10
Premature transaction of business; personal liability of officers and directors
Known as the The Indiana Financial Institutions Act
The act spans §§ 28-1-1-1 to 28-1-9-9 (499 sections).
Formerly: Acts 1933, c.40, s.333
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.