Sec. 1. (a) Except as provided in this section, money received by a school
corporation for a specific purpose or purposes, by
gift, endowment, or under a federal
statute, may be accounted for by establishing separate funds apart from any other school corporation fund.
Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 20-40-14-1
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Statute: A law passed by a legislature.
(c) Money described in subsection (a) may not be accepted unless the:
(1) terms of the gift, endowment, or payment; and
(2) acceptance of the gift, endowment, or payment;
provide that the officers of the school corporation are not divested of any right or authority that the officers are granted by law.
[Pre-2006 Recodification Citation: 21-2-11-6 part.]
As added by P.L.2-2006, SEC.163. Amended by P.L.238-2019, SEC.13.
