Section 23-0.6-4-1 - Authorization of conversion; limitations on use(a) Except as otherwise provided in this section, by complying with this article or other law, a domestic entity may become:(1) a domestic entity of a different type; or(2) a foreign entity of a different type, if the conversion is authorized by the law of the foreign jurisdiction.(b) Except as otherwise provided in this section, by complying with the provisions of this article applicable to foreign entities, a foreign entity may become a domestic entity of a different type if the conversion is authorized by the law of the foreign entity's jurisdiction of formation.(c) This chapter may not be used to effect a transaction that: (1) converts an insurance company organized on the mutual principle to a company organized on a stock share basis;(2) converts a nonprofit corporation to a corporation or other entity; or(3) converts a business corporation or other entity to a nonprofit corporation.(d) If as a result of conversion one (1) or more shareholders or interest holders of a surviving entity become subject to owner liability for the debts, obligations, or liabilities of the surviving entity or any other person or entity, approval of the plan of conversion requires each shareholder or interest holder of the converting entity to execute a separate written consent to become subject to owner liability.(e) A nonprofit corporation may not engage in a conversion.Added by P.L. 118-2017,SEC. 6, eff. 1/1/2018.