Indiana Code 36-10-3-11.5. Legalization of operation of City of New Albany property by nonprofit corporation without a lease before July 1, 1995
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Sec. 11.5. (a) This section applies to the city of New Albany.
(b) The operation of city owned buildings or grounds operated as a golf course by a nonprofit corporation before July 1, 1995, without a lease from the city, or under a lease that was not open to public bid to lease the buildings or grounds, is legalized and validated.
As added by P.L.220-2011, SEC.684. Amended by P.L.119-2012, SEC.235.
Terms Used In Indiana Code 36-10-3-11.5
- 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