Sec. 4. (a) As used in this chapter, “qualified nonprofit organization” means a private, nonprofit entity formed as a partnership between local units, private sector businesses, or community or philanthropic organizations to develop and implement a regional economic acceleration and development strategy that has an organizational structure that conforms with the requirements of a policy developed by the corporation under section 16 of this chapter.

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Terms Used In Indiana Code 5-28-41-4

  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • regional economic acceleration and development strategy: refers to :

    Indiana Code 5-28-41-6

     (b) For purposes of subsection (a), a “local unit” means a county, city, town, township, or school corporation.

As added by P.L.165-2021, SEC.64. Amended by P.L.87-2024, SEC.13.

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