Indiana Code 4-37-8-1. Foundation authorized
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Terms Used In Indiana Code 4-37-8-1
- 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.
Sec. 1. The board may designate, by adopting a resolution, an existing nonprofit corporation or establish a nonprofit subsidiary corporation, known as or to be known as the Indiana state museum foundation, that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code to solicit and accept private funding, gifts, donations, bequests, devises, and contributions.
As added by P.L.167-2011, SEC.1. Amended by P.L.166-2013, SEC.5.