§ 23-2-4-15 — Board; submission and approval of plan of operation; contents of plan; adoption of rules

(a) The board of directors shall submit to the
commissioner a plan of operation, and such subsequent amendments
to the plan as are necessary to assure the fair, reasonable, and equitable
administration of the fund. The plan of operation is effective upon the
commissioner's approval, which must be in writing.
(b) If the board of directors fails to submit by September 1, 1983, a
plan of operation considered suitable by the commissioner, or, if at any
other time the board of directors fails to submit amendments to the plan
considered necessary by the commissioner, the commissioner shall
adopt rules under IC 4-22-2 necessary to carry out this chapter. The
rules continue in force until modified by the commissioner or
superseded by a plan submitted by the board of directors and approved
by the commissioner.
(c) The plan of operation shall establish:
(1) procedures for handling the assets of the fund;
(2) the method of reimbursing members of the board of directors
under section 14 of this chapter;
(3) regular places and times for meetings of the board of directors;
(4) recordkeeping procedures for all financial transactions relating
to the fund and the board of directors; and
(5) any additional provisions necessary for the execution of the
powers and duties of the board of directors.
As added by Acts 1982, P.L.145, SEC.1. Amended by
P.L.3-2008, SEC.166.