§ 20-26-7-9 — Purpose and construction of statutes concerning property acquired by gift or bequest

Indiana § 20-26-7-9

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 26: SCHOOL CORPORATIONS: GENERAL
• Ch. 7: Property and Eminent Domain

Text

(a) It is the main purpose of this chapter that
the identity of the principal of gifts, bequests, and devises to the state's
public schools may not be lost and that the income from investment of
the gifts, bequests, and devises shall be used in giving students the
public education and library advantages that could not be enjoyed if
only the school and library revenue and income provided by law were
available.
(b) Sections 6 through 9 of this chapter may not be construed as a
limitation against the investment and reinvestment either by the school
corporation itself or the trustees appointed under section 8 of this
chapter, as the safety of the fund or the best interests of the recipient
school corporation require.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-5-20-5.]

Legislative History

As added by P.L.1-2005, SEC.10.