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Indiana Code Title 27. Insurance § 27-1-8-11

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 11. (a) A corporation whose articles of incorporation have been amended in accordance with the provisions of this chapter shall not exercise any power, right, or authority conferred by, or take any action pursuant to, such amendment until:

(1) the corporation shall have filed one (1) of the triplicate copies of the articles of amendment, bearing the endorsement of the approval of the secretary of state as provided in section 8 of this chapter, for record in the office of the county recorder of the county in which the articles of incorporation of such corporation were or should have been filed for record as provided in IC 27-1-6-13;  and

(2) the company shall have filed a certified copy of such amended certificate of authority for record with the county recorder of the county wherein the principal office is located, which certified copy shall be evidence only that the company is authorized and licensed to transact the kind or kinds of insurance set out in the amended certificate of authority, for the period stated in the amended certificate of authority.

(b) If a corporation exercises any such power, right, or authority, or takes any such action, in violation of this section, the officers and directors who participated in the exercise or action in violation of this section shall be severally liable for any debts or liabilities of the corporation incurred because of the exercise or action or arising from the exercise or action.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-8-11 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-8-11/

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