§ 36-7-38-17 — Prohibited buyers; unauthorized foreign business associations

(a) As used in this section, "foreign business
association" means a corporation, professional corporation, nonprofit
corporation, limited liability company, partnership, or limited
partnership that is organized under the laws of another state or another
country.
(b) A foreign business association may not purchase, receive, or
lease property from a land bank unless at the time the sale, transfer, or
lease occurs:
(1) the foreign business association has obtained a certificate of
authority from, or registered with, the secretary of state in
accordance with the procedures described in IC 23, as applicable;
and
(2) the foreign business association is in good standing in Indiana
as determined by the secretary of state.
(c) If a foreign business association purchases, receives, or leases a
tract that the foreign business association was not eligible under
subsection (b) to purchase, receive, or lease, the sale, transfer, or lease
of the property is void and the land bank retains the interest in the tract
that the land bank possessed before the sale, transfer, or lease of the
tract.

Legislative History

As added by P.L.211-2016, SEC.1.