Indiana Code 4-10-14-1. Loans; expenditures for improvements; authorization by act of general assembly; violations
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Sec. 1. (a) A trustee on a board of trustees of any benevolent, scientific, or educational institution, or any correctional facility of the state, shall not:
(2) contract any indebtedness on the credit of the state; or
(1) borrow money upon the credit of the state;
Terms Used In Indiana Code 4-10-14-1
- Contract: A legal written agreement that becomes binding when signed.
- Trustee: A person or institution holding and administering property in trust.
(3) make expenditures for improvements for an institution or correctional facility in any way;
unless the loan or expenditure of money is first authorized by an act of the general assembly.
(b) A trustee who violates this section:
(1) commits a Class C infraction; and
(2) forfeits the trustee’s office.
Formerly: Acts 1875, c.4, s.1. As amended by P.L.12-1996, SEC.1; P.L.215-2016, SEC.65.