Indiana Code 31-26-4.5-9. Establishment; nonprofit subsidiary corporation
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Terms Used In Indiana Code 31-26-4.5-9
- 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.
Sec. 9. The department may establish a nonprofit subsidiary corporation that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code to solicit and accept private funding, gifts, donations, bequests, devises, and contributions.
As added by P.L.59-2022, SEC.2.