1. (a) For the purposes of section 7 of this chapter, a director is disinterested if:

   1. (1) the director does not have a conflict of interest, within the meaning of section 9(a) of this chapter, in connection with the action or recommendation in question;
   2. (2) in connection with matters described in IC 28-13-8 the director is disinterested (as defined in IC 28-13-8-4 (d)); and
   3. (3) in connection with any matter involving or otherwise affecting a transaction under IC 28-1-7 , IC 28-1-8 , or IC 28-3-2 that would result in a change of the person or persons that have control (as defined in IC 28-2-14-6 ) over the corporation if the director is not an employee of the corporation or an affiliate or associate of or was not nominated or designated as a director by a person proposing the transaction.
2. (b) A person may be disinterested under this section even though the person is a director or shareholder of the corporation.

As added by P.L.14-1992, SEC.163.