Sec. 142.3. "Nonprofit corporation", for purposes of this chapter and IC 13-25-4-8 , refers to a nonprofit corporation: (1) that is exempt from income taxation under 26 U.S.C. 501; (2) for which the primary purpose, as identified in the corporation's articles of incorporation, is to assist and support a political subdivision in a matter of public concern; and (3) that has no member affiliated with any other person that is potentially liable for response costs at a facility through any of the following: (A) A direct or an indirect familial relationship. (B) A contractual, corporate, or financial relationship other than a contractual, corporate, or financial relationship that is created: (i) by the instruments by which title to the facility is conveyed or financed; or (ii) by a contract for the sale of goods or services. (C) The result of a reorganization of a business entity that was potentially liable for response costs at the facility.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.