Indiana Code Title 20. Education § 20-23-4-32

Sec. 32. (a) This section applies to each school corporation.

(b) The governing body does not assume its powers and duties until the date the community school corporation becomes effective.  For thirty (30) days before the date on which the governing body of a community school corporation assumes office, an existing school corporation having territory that will be included within the boundaries of a community school corporation may not contract or place the school corporation under any further obligations, except upon written approval of the county committee.

(c) The transfer of:

takes place at the time of the formation and creation of the community school corporation and are vested in the community school corporation.