Indiana Code 14-31-2-12. Trustee of stewardship trusts
(1) Accept the following:
Terms Used In Indiana Code 14-31-2-12
- division: refers to the division of nature preserves. See Indiana Code 14-31-2-4
- fund: refers to the Indiana natural heritage protection fund established by this chapter. See Indiana Code 14-31-2-5
- trust I: refers to the Indiana natural heritage stewardship trust I authorized by this chapter. See Indiana Code 14-31-2-7
- trust II: refers to the Indiana natural heritage stewardship trust II authorized by this chapter. See Indiana Code 14-31-2-8
- Trustee: A person or institution holding and administering property in trust.
(B) Any other unrestricted contribution to the trust.
(2) Invest contributions to trust I to earn the highest interest consistent with prudent management for permanent preservation of principal.
(3) Invest contributions to trust II to earn the highest interest consistent with prudent investment, preservation of principal, and reasonable liquidity.
(4) Distribute the income from trust I and trust II quarterly in accordance with the instructions to be provided by the division under section 15 of this chapter.
(5) Distribute the principal of trust II upon and in accordance with instructions from the division under section 16 of this chapter.
[Pre-1995 Recodification Citation: 14-4-5.1-5.]
As added by P.L.1-1995, SEC.24.