Indiana Code 15-19-1-4. Corporate powers; application to previously organized fair associations
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Sec. 4. (a) A fair association is a corporation from the date the articles of incorporation are filed in the appropriate recorder’s office. The fair association has all the rights, powers, and privileges given to a corporation under common law, including the right to:
(2) borrow money and secure payment by notes, mortgages, bonds, or deeds of trust upon its personal and real property; and
(1) sue and be sued;
Terms Used In Indiana Code 15-19-1-4
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(3) rent, lease, purchase, hold, sell, and convey real estate and personal property to the extent necessary and proper to erect buildings and other proper purposes of the corporation.
(b) If:
(1) a fair association was organized in Indiana before March 6, 1889; and
(2) the fair association met the requirements of section 2 of this chapter when it was organized;
subsection (a) applies to that association and to an association described in section 1 of this chapter.
[Pre-2008 Recodification Citation: 15-5-3-3.]
As added by P.L.2-2008, SEC.10.