Indiana Code 15-14-1-7. Restrictions on property ownership
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Sec. 7. (a) The amount of real estate that a corporation incorporated under this chapter may purchase or own may not exceed:
(2) five hundred thousand dollars ($500,000) in value.
(1) one hundred sixty (160) acres; and
Terms Used In Indiana Code 15-14-1-7
- 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.
(b) A corporation incorporated under this chapter may sell any land that it possesses or may possess.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-1-2-6 part; subsection (b) formerly 15-1-2-10.]
As added by P.L.2-2008, SEC.5.