Indiana Code 36-1-10-3. Persons entitled to lease property to political subdivision or agency
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Sec. 3. Any of the following persons may lease property to a political subdivision or agency under this chapter:
(2) A partnership, association, limited liability company, or firm.
(1) A profit or not-for-profit corporation organized under Indiana law or admitted to do business in Indiana.
Terms Used In Indiana Code 36-1-10-3
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) An individual.
[Pre-Local Government Recodification Citation: 18-5-3.3-2 part.]
As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.8-1993, SEC.517.