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Indiana Code Title 28. Financial Institutions § 28-13-12-1

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

Sec. 1. (a) The officers of a corporation must consist of the following:

(1) A president and, if the president is not the highest acting officer of the corporation, another officer designated by the directors, regardless of the title of that officer, whose duties are equivalent to those customarily performed by the highest acting officer.

(2) One (1) or more officers whose duties are equivalent to those customarily performed by a chief financial officer.

(3) An officer whose duties include preparing minutes of the directors' and shareholders' meetings, authenticating records of the corporation, and other duties customarily performed by a secretary.

(4) Any other officers prescribed by the articles of incorporation or the bylaws.

(b) Each of the officers shall be chosen by the board of directors at the time, in the manner, and for the terms as prescribed in the corporation's articles of incorporation or bylaws.

(c) If not already a director, the officer described in subsection (a)(1) who is the highest acting officer of the corporation shall become a director in accordance with the corporation's articles of incorporation or bylaws as soon as practicable after being chosen to serve in that office.

(d) If the articles of incorporation or the bylaws so provide, two (2) or more offices may be held by the same person, except that the duties of an officer described in subsection (a)(1) and an officer described in subsection (a)(2) may not be performed by the same person.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-13-12-1 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-13-12-1/

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