Sec. 2. Every railroad company, rural loan and saving association, credit union, or corporation organized for the conduct of a banking, insurance, surety, trust, safe deposit, mortgage guarantee, or building and loan business organized under any law of Indiana may, subject to any restrictions contained in the articles of incorporation, make contributions out of the gross income of the corporation to such entities, and for any one (1) or more of such purposes, as the board of directors may reasonably believe will constitute deductions from gross income in computing the net income of the corporation subject to tax, under the Internal Revenue Code.
Ind. Code § 23-0.5-8-2
Right to make charitable contributions
Known as the Uniform Business Organizations Administrative Provisions Act
The act spans §§ 23-0.5-1-1 to 23-0.5-9-9 (179 sections).
As added by P.L.118-2017, SEC.5.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.