Indiana Code 8-25-7-3. Establishment of foundation; purposes
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Terms Used In Indiana Code 8-25-7-3
- board: refers to the board of a public transportation corporation providing public transportation services in Marion County. See Indiana Code 8-25-7-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Sec. 3. The board shall establish a foundation that is organized as a nonprofit corporation that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code to solicit and accept private funding, gifts, donations, bequests, devises, and contributions to meet the requirements of IC 8-25-3-6(a).
As added by P.L.153-2014, SEC.17.