Indiana Code 5-28-21-20. Duties of corporation
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Sec. 20. The corporation has the following duties under this chapter:
(2) Ensuring that sponsors receiving grants, loans, or loan guarantees meet the conditions of this chapter.
(1) Making grants, loans, and loan guarantees to sponsors for small business incubators.
Terms Used In Indiana Code 5-28-21-20
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- incubator: means a facility in which space may be leased by a tenant and in which management provides access to business development services for use by tenants. See Indiana Code 5-28-21-3
- tenant: means a sole proprietorship, partnership, limited liability company, or corporation operating a business and occupying space in an incubator. See Indiana Code 5-28-21-5
(3) Receiving and evaluating annual reports from sponsors. These reports must include a financial statement for the incubator, evidence that all the tenants in the incubator are eligible under the terms of this chapter, a list of tenants in the incubator, and any other information required by the corporation.
(4) Establishing policies to implement this chapter. These policies must include provisions permitting greater flexibility with respect to the establishment and operation of incubators in the areas described in section 19(9) of this chapter, including more flexible tenant policies.
As added by P.L.4-2005, SEC.34.