Indiana Code 12-11-14-15. Surety bond
Current as of: 2024 | Check for updates
|
Other versions
Sec. 15. Before the adoption and implementation of a qualified ABLE program:
(2) the vice chairperson;
(1) the chairperson;
Terms Used In Indiana Code 12-11-14-15
- authority: refers to the achieving a better life experience (ABLE) authority created by section 9 of this chapter. See Indiana Code 12-11-14-2
- qualified ABLE program: refers to the achieving a better life experience (ABLE) program established under this chapter under which a person may make contributions for a taxable year for the benefit of an eligible individual to an ABLE account to meet the qualified disability expenses of the designated beneficiary in compliance with Section 529A of the Internal Revenue Code. See Indiana Code 12-11-14-7
(3) the manager; and
(4) any officer elected by the authority or member of the authority authorized by resolution to handle funds or sign checks;
shall execute a surety bond in the penal sum of one hundred thousand dollars ($100,000). The surety bond shall be conditioned upon the faithful performance of the duties of the office of the principal and shall be executed by a surety company authorized to transact business in Indiana. The authority shall pay the cost of the bonds.
As added by P.L.12-2016, SEC.8.