§ 5-28-5-13 — Nonprofit subsidiary corporation

Indiana § 5-28-5-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 5: General Powers

Text

(a) Notwithstanding section 12 of this chapter,
the board may establish a nonprofit subsidiary corporation to solicit
and accept private sector funding, gifts, donations, bequests, devises,
and contributions.
(b) A subsidiary corporation established under this section:
(1) must use money received under subsection (a) to carry out in
any manner the purposes and programs under this article;
(2) must report to the budget committee each year concerning:
(A) the use of money received under subsection (a); and
(B) the balances in any accounts or funds established by the
subsidiary corporation; and
(3) may deposit money received under subsection (a) in an
account or fund that is:
(A) administered by the subsidiary corporation; and
(B) not part of the state treasury.
(c) Except as provided in IC 5-11-1-9(k), the state board of accounts
shall audit a subsidiary corporation established under this section.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.181-2015, SEC.24; P.L.237-2017, SEC.18; P.L.209-2019, SEC.6; P.L.59-2023, SEC.18; P.L.58-2023, SEC.5.