Indiana Code 5-16-11-5.5. Conflicts of interest; consultants
(1) The entity has given a gift or gifts:
Terms Used In Indiana Code 5-16-11-5.5
- consultant: means an individual who, under a contract with the state or a political subdivision, does either of the following for the state or the political subdivision:
Indiana Code 5-16-11-2
- Contract: A legal written agreement that becomes binding when signed.
- entity: refers to a person that:
Indiana Code 5-16-11-3.5
- 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
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(B) that have a total fair market value of more than one hundred dollars ($100); and
(C) within the preceding year.
(2) The consultant, the consultant’s spouse, or the consultant’s unemancipated children have an equitable or a legal interest in real property the value of which:
(A) either:
(i) is at least five thousand dollars ($5,000); or
(ii) comprises at least ten percent (10%) of the net worth of the consultant, the consultant’s spouse, or the consultant’s unemancipated children; and
(B) has been or would be increased or decreased if a contract were awarded to the entity.
(3) The consultant or the consultant’s spouse is employed by the entity.
(4) The entity is the sole proprietorship or professional practice of the consultant or the consultant’s spouse.
(5) The consultant or the consultant’s spouse is a partner in the entity.
(6) The consultant or the consultant’s spouse is an officer or a director of the entity.
(7) The consultant, the consultant’s spouse, or the consultant’s unemancipated children own stock or options to purchase stock in the entity and the stock or the options to purchase stock have a fair market value of more than ten thousand dollars ($10,000). This subdivision does not apply to the following:
(A) Time deposits or demand deposits in a financial institution.
(B) An insurance policy.
As added by P.L.52-1991, SEC.3.