Sec. 15. (a) An individual must request and receive authorization from the community development
corporation or
community based organization that administers the individual’s
account before withdrawing money from the account for any purpose.
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Terms Used In Indiana Code 4-4-28-15
- account: refers to an individual development account. See Indiana Code 4-4-28-1
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 4-4-28-1.5
- community based organization: means a private, nonprofit corporation whose board of directors is comprised of business, civic, and community leaders, and whose principal purpose includes the provision of low income housing. See Indiana Code 4-4-28-1.7
- community development corporation: means a private, nonprofit corporation:
Indiana Code 4-4-28-2
- 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.
As added by P.L.15-1997, SEC.1. Amended by P.L.235-2005, SEC.48; P.L.1-2006, SEC.54; P.L.181-2006, SEC.9; P.L.1-2007, SEC.11; P.L.124-2024, SEC.11.
