Indiana Code 36-9-4-30. Board of directors; power to acquire, hold, and dispose of property
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Sec. 30. The board of directors of a public transportation corporation may:
(2) hold, use, sell, lease, or dispose of;
(1) acquire by grant, purchase, gift, lease, or otherwise; and
Terms Used In Indiana Code 36-9-4-30
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
real and personal property, licenses, patents, rights, and interests necessary or convenient for the exercise of its powers under this chapter.
[Pre-Local Government Recodification Citation: 19-5-2-22 part.]
As added by Acts 1981, P.L.309, SEC.77.