Indiana Code 23-10-2-11. Receiving and holding conveyances of land
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Terms Used In Indiana Code 23-10-2-11
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Sec. 11. The trustees chosen as provided in this chapter, after record of their election or appointment is made in the recorder’s office of the proper county, shall have power and authority, as such trustees, to receive conveyances of lands, whether the same be by purchase, gift or otherwise, and to hold the same to their successors, as such trustees, in perpetuity, for the sole and exclusive benefit of such society and for the uses declared in such conveyance or grant.
Formerly: Acts 1852, 1RS, c.101, s.11. As amended by P.L.136-2018, SEC.135.