Indiana Code 21-7-13-26.5. “Postsecondary SEI affiliated educational institution”
(1) is organized as a public benefit corporation (as described in IC 23-17-2-23) and controlled by a state educational institution;
Terms Used In Indiana Code 21-7-13-26.5
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) is accredited by a recognized regional accrediting agency or is seeking or progressing toward accreditation by a recognized regional accrediting agency; and
(4) has its debts and liabilities backed by the controlling state educational institution described in subdivision (1) in the form of a contribution, bond, or other surety consisting solely of eligible property (as defined in IC 21-27-10-4).
(b) The term does not include the following:
(1) A state educational institution.
(2) A postsecondary credit bearing proprietary educational institution approved or regulated by the board for proprietary education under IC 21-18.5-6.
(3) Any educational institution or educational training that:
(A) is maintained or provided by an employer or employers at no charge for employees or potential employees;
(B) is maintained or provided by a labor organization at no charge for its members or apprentices; or
(C) offers instruction that is exclusively focused on self-improvement or exclusively intended to be motivational or avocational, including instruction in dance, music, self-defense, and private tutoring.
(4) A public or nonprofit degree granting institution organized or incorporated in a jurisdiction other than Indiana that offers instructional or educational services or training in Indiana.
(5) A religious institution that offers educational instruction or an educational program of a clearly religious nature.
As added by P.L.217-2017, SEC.142.