Indiana Code 21-31-4-1. Application of section; leases
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Sec. 1. (a) This section applies to the board of trustees of the following state educational institutions:
(2) Indiana University.
(1) Ball State University.
Terms Used In Indiana Code 21-31-4-1
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may lease to any corporation, limited liability company, partnership, association, or individual real estate, title to which is in the name of:
(1) the state educational institution; or
(2) the state for the use and benefit of the state educational institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-1-2(a)(11).]
As added by P.L.2-2007, SEC.272.