Sec. 1. This chapter applies to a nonprofit hospital corporation that:
(1) is located in a township having a population of more than eight thousand (8,000) and less than ten thousand (10,000) located in a county having a population of more than forty-six thousand (46,000) and less than forty-six thousand four hundred (46,400);
(2) has a majority of members who are residents of the township;
(3) is managed by directors, a majority of whom are residents of the township and who serve without compensation;
(4) is free from political or sectarian influence and is required by the hospital's articles of incorporation to be so managed and maintained perpetually; and
(5) is unable to be maintained and supported and to perform the hospital service reasonably needed and required for the people of the township without assistance, as determined by the township trustee and township board.