Indiana Code 5-10.5-7-2. Transfer or assumption of tangible and intangible property; transfer of powers and duties
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Sec. 2. (a) All powers, duties, liabilities, property, equipment, records, rights, and contracts of the:
(2) board of trustees of the teachers’ retirement fund;
(1) board of trustees of the public employees’ retirement fund; and
Terms Used In Indiana Code 5-10.5-7-2
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
are transferred to or assumed by the board on July 1, 2011.
(b) The board shall provide indemnification of:
(1) the board of trustees of the public employees’ retirement fund; and
(2) the board of trustees of the teachers’ retirement fund;
as necessary or appropriate in regard to any liabilities of the public employees’ retirement fund or the teachers’ retirement fund assumed by the board.
As added by P.L.23-2011, SEC.22.