Indiana Code 20-47-1-3. Political subdivisions; donations of gaming revenues to public school endowment corporations

Sec. 3. (a) As used in this section, “gaming revenue” has the meaning set forth in IC 36-1-14-1(b).

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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.
public school endowment corporation: means a corporation that is:
Indiana Code 20-47-1-2

(b) A political subdivision may donate gaming revenue to a public school endowment corporation under the following conditions:

(1) The public school endowment corporation retains all rights to the donation, including investment powers.

(2) The public school endowment corporation agrees to return the donation to the political subdivision if the corporation:

(A) loses the corporation’s status as a public charitable organization;

(B) is liquidated; or

[Pre-2006 Recodification Citation: 20-26-5-21(d).]

As added by P.L.2-2006, SEC.170. Amended by P.L.142-2009, SEC.29.

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