Sec. 20. If a foreign corporation changes the nature of the business it transacts in Indiana before the business receives the department's approval, the officers and directors of such corporation shall be severally liable for the liabilities of the corporation that result from the corporation's transaction of that business in Indiana.
Ind. Code § 28-1-22-20
Change of business before approval; 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.343
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.