Skip to main content
Find a Lawyer

Indiana Code Title 20. Education § 20-35-4-7

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 7. (a) The governing body of a school corporation may do the following:

(1) Accept, receive, and administer any gift, devise, legacy, or bequest of real or personal property, including the income from real estate:

(A) to or for the benefit of any school, dormitory, or facility for the education of children with disabilities;  and

(B) for any of the purposes contemplated under this chapter and not inconsistent with this chapter or Indiana law.

(2) Invest or reinvest any of the funds received under this section in the same kind of securities in which life insurance companies are authorized by law to invest their funds.

(b) All money received by a school corporation under this section and all money, proceeds, or income realized from any real estate or other investments or property:

(1) shall be kept in a special fund;

(2) may not be commingled with any other fund or funds received from taxation;  and

(3) may be expended by the governing body of the school corporation in any manner consistent with the:

(A) purposes of IC 20-35-2 through IC 20-35-6 and IC 20-35-8;  and

(B) intention of the donor or donors.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Indiana Code Title 20. Education § 20-35-4-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-20-education/in-code-sect-20-35-4-7/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard