Indiana Code 8-10-5-4. Surveys and examinations; dissolution of authority
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Sec. 4. Any municipal corporation or county creating or participating in the creation of a port authority may expend funds not otherwise appropriated to defray the expense of surveys and examinations incidental to the purposes of the port authority so created.
Subject to making due provisions for payment and performance of its obligations, a port authority may be dissolved by the subdivision or subdivisions creating it, and in such event the properties of the port authority shall be transferred to the subdivision creating it, or if created by more than one subdivision, to the subdivision creating it in such manner as may be agreed upon between such subdivisions.
Terms Used In Indiana Code 8-10-5-4
- 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.
- Port authority: means a port authority created pursuant to authority of this chapter. See Indiana Code 8-10-5-1
Formerly: Acts 1959, c.343, s.4.