Indiana Code 20-24-3-2. Authorization of charter to nonprofit entities
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Sec. 2. (a) An authorizer may not grant a charter to a for-profit entity.
(c) The organizer shall immediately inform the authorizer if the organizer’s tax exempt status is questioned, modified, or revoked by the Internal Revenue Service or if the organizer’s nonprofit corporation status is questioned, modified, or revoked by the state.
(b) If an organizer has not received a determination by the Internal Revenue Service of its tax exempt status as of the date the organizer is scheduled to provide instruction to students attending the charter school, the organizer must request and receive express written authorization from the authorizer that the organizer may provide instruction to students attending the charter school pending such determination.
Terms Used In Indiana Code 20-24-3-2
- 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.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5.5-3-2.]
As added by P.L.1-2005, SEC.8. Amended by P.L.280-2013, SEC.21; P.L.250-2017, SEC.9.