Benefit enforcement proceeding

Ind. Code § 23-1.3-9-3
in effect
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Sec. 3. A benefit enforcement proceeding may be commenced or maintained only: (1) directly by the benefit corporation; or (2) derivatively in accordance with IC 23-1-32 by: (A) a person or group of persons that owned at least two percent (2%) of the total number of shares of a class or series outstanding at the time of the act or omission complained of; (B) a director; (C) a person or group of persons that owned at least five percent (5%) of the outstanding equity interests in an entity of which the benefit corporation is a subsidiary at the time of the act or omission complained of; or (D) other persons as specified in the benefit corporation's articles of incorporation or bylaws. As added by P.L.93-2015, SEC.3.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026

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