Indiana Code 13-11-2-142.3. “Nonprofit corporation”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 142.3. “Nonprofit corporation”, for purposes of this chapter and IC 13-25-4-8, refers to a nonprofit corporation:
(2) for which the primary purpose, as identified in the corporation’s articles of incorporation, is to assist and support a political subdivision in a matter of public concern; and
(1) that is exempt from income taxation under 26 U.S.C. § 501;
Terms Used In Indiana Code 13-11-2-142.3
- Contract: A legal written agreement that becomes binding when signed.
- 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.
(3) that has no member affiliated with any other person that is potentially liable for response costs at a facility through any of the following:
(A) A direct or an indirect familial relationship.
(B) A contractual, corporate, or financial relationship other than a contractual, corporate, or financial relationship that is created:
(i) by the instruments by which title to the facility is conveyed or financed; or
(ii) by a contract for the sale of goods or services.
(C) The result of a reorganization of a business entity that was potentially liable for response costs at the facility.
As added by P.L.221-2007, SEC.2.