Sec. 2. (a) Subject to a designation of the specific purpose for the use of donated funds by a donor, the superintendent or warden of an institution shall hold in trust funds deposited with the institution for the use and benefit of, or belonging to, any inmate or patient.

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Terms Used In Indiana Code 4-24-6-2

  • 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.
  • Donor: The person who makes a gift.
  • institution: shall mean psychiatric, penal, correctional, benevolent, or special educational institutions owned and operated by the state of Indiana. See Indiana Code 4-24-6-1
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
     (b) The superintendent or warden shall keep an accurate accounting of the receipts and disbursements of funds received under subsection (a) on books and records in accordance with the accounting procedure as prescribed by the state board of accounts.

     (c) Trust funds created under this section are subject to periodic audits the state board of accounts considers necessary.

     (d) Trust funds created under this section shall be:

(1) deposited in depositories whose deposits are insured by the Federal Deposit Insurance Corporation; or

(2) invested in government securities of the United States.

Formerly: Acts 1957, c.242, s.2; Acts 1959, c.253, s.1. As amended by P.L.8-1991, SEC.2.

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