Sec. 2. (a) The corporation is a body politic and corporate, not a state agency but an independent instrumentality exercising essential public functions.

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Terms Used In Indiana Code 5-28-3-2

  • 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.
     (b) Except as provided in IC 5-11-1-9(k), the corporation and the corporation’s funds, accounts, and financial affairs shall be examined by the state board of accounts.

     (c) The board may engage an independent certified public accounting firm to conduct an examination of:

(1) the corporation and the corporation’s funds, accounts, and financial affairs; and

(2) a nonprofit subsidiary corporation established under IC 5-28-5-13.

The examination must comply with the uniform compliance guidelines, directives, and standards established by the state board of accounts. If an independent certified public accounting firm conducts an examination, the corporation shall submit a copy of the examination report to the state board of accounts not later than the next date on which the corporation is required to file its financial reports under IC 5-11-1-4.

As added by P.L.4-2005, SEC.34. Amended by P.L.181-2015, SEC.23; P.L.237-2017, SEC.14; P.L.209-2019, SEC.5; P.L.59-2023, SEC.17; P.L.58-2023, SEC.4.

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