Indiana Code 20-47-3-4. Qualifications of lessor corporation
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Sec. 4. A school corporation or corporations may enter into a lease or lease with option to purchase under this chapter only with:
(2) a religious organization (or the organization’s agent) that is exempt from federal income taxation under Section 501 of the Internal Revenue Code.
(1) a corporation organized under Indiana law or admitted to do business in Indiana; or
Terms Used In Indiana Code 20-47-3-4
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
[Pre-2006 Recodification Citation: 21-5-12-2.]
As added by P.L.2-2006, SEC.170.