Indiana Code 21-30-2-6. Restrictions on acceptance of gifts
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Terms Used In Indiana Code 21-30-2-6
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Sec. 6. A state educational institution may not receive a gift, whether on the payment of an annuity or otherwise, that pledges the state educational institution to engage in a course of instruction, or perform an act other than a course of instruction or act that the state educational institution is permitted by law to engage in or perform.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-6 part.]
As added by P.L.2-2007, SEC.271.