Indiana Code 4-24-2-6. Unacceptable gifts
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Terms Used In Indiana Code 4-24-2-6
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Sec. 6. An institution may not be the recipient of a gift, whether on the payment of an annuity or otherwise, that pledges the institution to perform any acts other than acts that the institution is authorized by law to perform.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-6 part.]
Formerly: Acts 1917, c.20, s.6. As amended by P.L.2-2007, SEC.59.