Any company organized under this article shall not transact any business or incur any indebtedness until:

1. (a) one (1) of the triplicate copies of the articles of incorporation, bearing the approval of the department and the attorney general and the endorsement of the approval of the secretary of state, as provided in section 10 of this chapter has been filed for record with the county recorder of the county in which the principal office is located; and

2. (b) a certified copy of the permit for completion of organization, issued pursuant to section 11 of this chapter, shall be filed for record with the county recorder of the county in which the principal office is located, which certified copy shall be evidence only that the company has been authorized to proceed in the completion of its organization.

   If a company transacts any business or incurs any indebtedness in violation of this section, the officers who participated in the transaction of business or incurring the indebtedness and the directors, except those who dissented from transacting the business or incurring the indebtedness and caused their dissent to be filed at the time in the principal office of the company or who, being absent, filed their dissent upon learning of the action, shall be severally liable for the debts or liabilities of the company so incurred or arising from transacting the business or incurring the indebtedness.

As amended by P.L.252-1985, SEC.23; P.L.136-2018, SEC.146.