Indiana § 12-30-3-23 Gifts, devises, and bequests; investment; special fund; expenditures

Indiana Statutes

§ 12-30-3-23 — Gifts, devises, and bequests; investment; special fund; expenditures

Indiana·Art. 30 COUNTY HOMES AND OTHER COUNTY·Ch. 3 County Homes in Certain Counties

(a)The county home board may receive and administer any gift, devise, or bequest of personal property, including the income from real property, to or for the benefit of the county home or for the benefit of residents or patients who are admitted to the care or supervision of the county home board. The county home board may invest or reinvest any of the money received under this section in the same kinds of securities in which life insurance companies are authorized by law to invest money.

(b)All money received by the county home board under this section and all money, proceeds, or income realized from real property or other investments:

(1)shall be kept in a special fund;

(2)may not be commingled with any other fund received from taxation; and

(3)may be expended by the county home boa

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(a) The county home board may receive and
administer any gift, devise, or bequest of personal property, including
the income from real property, to or for the benefit of the county home
or for the benefit of residents or patients who are admitted to the care
or supervision of the county home board. The county home board may
invest or reinvest any of the money received under this section in the
same kinds of securities in which life insurance companies are
authorized by law to invest money.
(b) All money received by the county home board under this section
and all money, proceeds, or income realized from real property or other
investments:
(1) shall be kept in a special fund;
(2) may not be commingled with any other fund received from
taxation; and
(3) may be expended by the county home board in any manner
consistent with the purposes of the fund's creation and the
intention of the donor, subject to the approval of the court of the
county having probate jurisdiction.
[Pre-1992 Revision Citation: 12-4-3-13.]

Indiana § 12-30-3-23 (Gifts, devises, and bequests; investment; special fund; expenditures) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.