§ 26-4-3-9 — Powers and duties of corporation

Indiana § 26-4-3-9

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 4: GRAIN INDEMNITY PROGRAM
• Ch. 3: Indiana Grain Indemnity Corporation

Text

(a) The corporation may do or shall have any of
the following:
(1) Perpetual succession by its corporate name as a corporate
body.
(2) Adopt and make use of an official seal and alter the same at
pleasure.
(3) Adopt, amend, and repeal bylaws consistent with the
provisions of this article for the regulation and conduct of the
corporation's affairs and prescribe rules and policies in connection
with the performance of the corporation's functions and duties.
(4) Use the services of the agency, the Indiana state department
of agriculture, and the attorney general when considered
necessary in the execution of the duties of the board.
(5) Accept gifts, devises, bequests, grants, loans, appropriations,
revenue sharing, other financing and assistance, and any other aid
from any source and agree to and comply with any attached
conditions.
(6) Procure insurance against any loss in connection with its
operations in the amounts and from the insurers as it considers
necessary or desirable.
(7) Borrow money from a bank, an insurance company, an
investment company, or any other person. The corporation may
negotiate the terms of a loan contract. The contract must provide
for repayment of the money in not more than forty (40) years and
that the loan may be prepaid. The loan contract must plainly state
that it is not an indebtedness of the state but constitutes a
corporate obligation solely of the corporation and is payable
solely from revenues of the corporation or any appropriations
from the state that might be made to the corporation for that
purpose.
(8) Include in any borrowing amounts considered necessary by the
corporation to pay financing charges, interest on the obligations,
consultant, advisory, and legal fees, and other expenses necessary
or incident to such borrowing.
(9) Employ personnel as may be required in the judgment of the
corporation, and fix and pay compensation from money available
to the corporation from the administrative expenses account.
(10) Make, execute, and carry out any and all contracts,
agreements, or other documents with any governmental agency or
any person, corporation, limited liability company, association,
partnership, or other organization or entity necessary or
convenient to accomplish the purposes of this article.
(11) Have powers necessary or appropriate for the exercise of the
powers specifically conferred upon the corporation and all
incidental powers customary in corporations.
(12) May require a study of fund solvency, practices, and
procedures from a third party of the fund as needed.
(13) Pay legal fees and legal expenses in actions brought against
the corporation or board.
(b) The corporation or the board may use the services of a person
other than the attorney general to collect money owed to the fund or to
litigate claims concerning money owed to the fund.

Legislative History

As added by P.L.250-1995, SEC.1. Amended by P.L.208-2021, SEC.14; P.L.114-2025, SEC.63.