Sec. 1. This chapter applies to a nonprofit hospital corporation that meets the following conditions:
(1) Is established in or within one (1) mile of a city.
(2) Is located within a county without a city or other public hospital.
(3) Has insufficient revenues derived from the care of persons able to pay for services and from all other sources to support and maintain the hospital and enable the hospital to supply the demand for hospital care and nursing in the city and community.