Sec. 9. (a) The existence of a memorial corporation organized under this chapter is perpetual.

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Terms Used In Indiana Code 10-18-7-9

  • 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.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (b) The permanent fund of a memorial corporation is perpetual and may not be reduced for any purpose. The income from the investment of a memorial corporation’s permanent fund may be used only for purposes allowed in this chapter.

     (c) The stock and property of a memorial corporation is nontaxable.

[Pre-2003 Recodification Citation: 10-7-12-9.]

As added by P.L.2-2003, SEC.9.

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