Sec. 9. (a) The board is responsible for the fund’s property. The board may take and hold any property given outright or on condition to the fund and shall perform the conditions accepted. Unless restricted by a condition, the board may transfer the property when necessary for the fund’s benefit.

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Terms Used In Indiana Code 5-10.4-3-9

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Trustee: A person or institution holding and administering property in trust.
     (b) The board shall receipt:

(1) property belonging to or coming into the fund and shall judiciously invest the property; and

(2) money coming into the fund and, except as specified in sections 13 and 14 of this chapter, shall deposit the money as authorized by the board.

     (c) The board shall direct the fund’s disbursements on itemized vouchers approved by the president of the board and the director or, in the absence or incapacity of both officers, by another trustee directed by order of the board.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-8.]

As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.13.

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