§ 26-4-4-2 — Fund administration expenses

Indiana § 26-4-4-2

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

Text

(a) The administrative expense account is
created within the fund.
(b) The expenses of administering the fund and paying
administrative expenses must be paid from money in the administrative
expense account.
(c) The board may transfer annually not more than three hundred
fifty thousand dollars ($350,000) from the fund to the administrative
expense account.
(d) Administrative expenses under this section may include:
(1) processing refunds;
(2) enforcement of the fund;
(3) record keeping in relation to the fund;
(4) the ordinary management and investment fees connected with
the operation of the fund;
(5) a study of fund solvency, practices, and procedures;
(6) a performance review of the agency's auditing practices and
procedures;
(7) professional development and training programs for agency
staff that are closely relevant to the auditing, licensing, and other
regulatory functions of the agency;
(8) technology software updates and technology support services
that are closely relevant to the auditing, licensing, and other
regulatory functions of the agency;
(9) professional training for board members on the board
members' duties and responsibilities;
(10) the use of supplemental consulting services;
(11) hiring a manager or a management firm;
(12) hiring legal counsel or seeking legal consultation; and
(13) paying legal fees and legal expenses in an action brought
against, or by, the corporation or board and that have been
approved by the board.
(e) The agency may not use money in the administrative expense
account for expenses other than the expenses described in subsection
(d).

Legislative History

As added by P.L.250-1995, SEC.1. Amended by P.L.5-2009, SEC.2; P.L.60-2015, SEC.15; P.L.145-2017, SEC.16; P.L.208-2021, SEC.15; P.L.114-2025, SEC.65.