Ind. Code § 5-28-5-13

Nonprofit subsidiary corporation

Redline — January 1, 2018 → current.View current text →

Current — January 1, 2023

As of January 1, 2018

Sec. 13. (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

(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(i),~~ the state board of accounts shall audit a subsidiary corporation established under this section.

(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.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.