Sec. 32. (a) This section applies to each school corporation.

     (b) The governing body does not assume its powers and duties until the date the community school corporation becomes effective. For thirty (30) days before the date on which the governing body of a community school corporation assumes office, an existing school corporation having territory that will be included within the boundaries of a community school corporation may not contract or place the school corporation under any further obligations, except upon written approval of the county committee.

Terms Used In Indiana Code 20-23-4-32

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • committee: means the county committee for the reorganization of school corporations provided for in sections 11 through 17 of this chapter. See Indiana Code 20-23-4-4
  • community school corporation: means a school corporation:

    Indiana Code 20-23-4-3

  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (c) The transfer of:

(1) powers;

(2) duties;

(3) property rights;

(4) other assets;

(5) liabilities;

(6) contracts both as to rights and obligations; and

(7) all else connected with the transfer of authority from existing school corporations to the community school corporation;

takes place at the time of the formation and creation of the community school corporation and are vested in the community school corporation.

[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-4-1-26.7.]

As added by P.L.1-2005, SEC.7.

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