Indiana Statutes
§ 5-28-5-13 — Nonprofit subsidiary corporation
Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 5 General Powers
(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
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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.
Nearby Sections
15
§ 5-1-1-1
Validation§ 5-1-1-2
Repealed§ 5-1-10-1
Issuance; purpose; restrictions§ 5-1-11-7
Restrictions on powers§ 5-1-11.5-1
"ADM"§ 5-1-11.5-2
"Bonds"§ 5-1-11.5-3
Application to certain school corporations§ 5-1-12-1
"Municipal corporation" defined