Indiana Code 21-30-2-7. Trusts; management
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Sec. 7. All gifts of money, and all money realized from real and personal property made under this chapter to permanently endow:
(2) a chair of learning or department in a state educational institution;
(1) a state educational institution; or
Terms Used In Indiana Code 21-30-2-7
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
shall be taken in charge by the state of Indiana, as a trust, and managed in all respects the same as the common school fund of the state is managed, and the proceeds arising therefrom shall be paid to the state educational institution being endowed for the purposes provided by the terms of the gift.
[Pre-2007 Higher Education Recodification Citation: 4-24-2-7 part.]
As added by P.L.2-2007, SEC.271.