Sec. 15. (a) The board of directors shall submit to the
commissioner a plan of operation, and such subsequent amendments to the plan as are necessary to assure the fair, reasonable, and
equitable administration of the fund. The plan of operation is effective upon the commissioner’s approval, which must be
in writing.
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Terms Used In Indiana Code 23-2-4-15
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the securities commissioner as provided in IC 23-19-6-1(a). See Indiana Code 23-2-4-1
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
(c) The plan of operation shall establish:
(1) procedures for handling the assets of the fund;
(2) the method of reimbursing members of the board of directors under section 14 of this chapter;
(3) regular places and times for meetings of the board of directors;
(4) recordkeeping procedures for all financial transactions relating to the fund and the board of directors; and
(5) any additional provisions necessary for the execution of the powers and duties of the board of directors.
As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.3-2008, SEC.166.
