Section 28-13-10-6 - Committees; approval of creation and appointment; applicability of chapter; powers and duties; compliance with standards of conduct for directors(a) Unless the articles of incorporation or bylaws provide otherwise, a board of directors may create at least one (1) committee and appoint members of the board of directors to serve on the committees. Each committee may have at least one (1) member, who serves at the pleasure of the board of directors.(b) The creation of a committee and appointment of members to the committee must be approved by the greater of: (1) a majority of all the directors in office when the action is taken; or(2) the number of directors required by the articles of incorporation or bylaws to take action under section 5 of this chapter.(c) Sections 1 through 5 of this chapter, which govern meetings, action without meetings, notice and waiver of notice, and quorum and voting requirements of the board of directors, apply to committees and the members of committees as well.(d) To the extent specified by the board of directors or in the articles of incorporation or bylaws, each committee may exercise the authority of the board of directors under IC 28-13-9-1.(e) A committee may not do any of the following:(1) Authorize distributions. However, a committee or an executive officer of the corporation designated by the board of directors may authorize or approve a reacquisition of shares or other distribution if done according to a formula or method or within a range prescribed by the board of directors.(2) Approve or propose to shareholders action that this article requires to be approved by shareholders.(3) Fill vacancies on the board of directors or on any of the board of directors' committees.(4) Except to the extent permitted by subdivision (7), amend articles of incorporation under IC 28-13-14-2.(5) Adopt, amend, or repeal bylaws.(6) Approve a plan of merger not requiring shareholder approval.(7) Authorize or approve the issuance or sale or a contract for sale of shares, or determine the designation and relative rights, preferences, and limitations of a class or series of shares. However, the board of directors may authorize a committee or an executive officer of the corporation designated by the board of directors to take the action described in this subdivision within limits prescribed by the board of directors.(f) The creation of, delegation of authority to, or action by a committee does not alone constitute compliance by a director with the standards of conduct described in IC 28-13-11-1.As added by P.L. 14-1992, SEC.163.