Indiana § 36-1-10-21 Not-for-profit corporations; issuance and sale of bonds and other
securities

Indiana Statutes

§ 36-1-10-21 — Not-for-profit corporations; issuance and sale of bonds and other securities

Indiana § 36-1-10-21

Title 36LOCAL GOVERNMENT

Art. 1GENERAL PROVISIONS

Ch. 10Leasing and Lease-Purchasing Structures

This text of Indiana § 36-1-10-21 (Not-for-profit corporations; issuance and sale of bonds and other securities) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-1-10-21 (2026).

Text

(a)A not-for-profit corporation qualifying as a lessor corporation under this chapter may issue and sell bonds and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property shall be considered legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries.

(b)Bonds issued by a lessor corporation may be sold at a private sale, a negotiated sale, or a public sale. If bonds are sold at public sale, they shall be sold pursuant to IC 5-1-11, but the notice of sale shall be published in the manner required for bonds of the county in which the leased property is or will be located.

(c)Approval of the securities commissioner is not required in connection with the issuance and sale of the bonds.

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(a) A not-for-profit corporation qualifying
as a lessor corporation under this chapter may issue and sell bonds and
other securities. Mortgage bonds issued by a lessor corporation that are
a first lien on the leased property shall be considered legal and proper
investments for state banks and trust companies, insurance companies,
and fiduciaries.
(b) Bonds issued by a lessor corporation may be sold at a private
sale, a negotiated sale, or a public sale. If bonds are sold at public sale,
they shall be sold pursuant to IC 5-1-11, but the notice of sale shall be
published in the manner required for bonds of the county in which the
leased property is or will be located.
(c) Approval of the securities commissioner is not required in
connection with the issuance and sale of the bonds.