§ 21-9-8-2 — Deposits of money; division of trust fund into separate accounts

Indiana § 21-9-8-2

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 9: EDUCATION SAVINGS PROGRAMS
• Ch. 8: Indiana Family College Savings Trust Program

Text

(a) The money received under the trust program,
including the college choice plan, by the authority from account owners
and contributors for the benefit of account beneficiaries shall be
deposited in the program account.
(b) Any appropriations made by the general assembly for:
(1) operating, administrative, and capital expenses;
(2) benefits and incentives; or
(3) any other purpose related to the trust program or the trust
fund;
shall be deposited in the administrative account.
(c) The money received under the trust program by the authority by
gift, bequest, donation, or devise or from a source that is not described
in subsection (a) or (b) shall be deposited:
(1) in the endowment fund for the benefit of the trust program; or
(2) to individual accounts as determined by the board to be
appropriate.
(d) The board may divide the trust fund into further separate
accounts. The accounts of the trust fund may be divided into separate
subaccounts as the board may determine periodically.

Legislative History

As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.28.