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Indiana Code Title 26. Commercial Law § 26-4-4-2

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

Sec. 2. (a) The administrative expense account is created within the fund.

(b) The expenses of administering the fund and paying administrative expenses must be paid from money in the administrative expense account.

(c) The board may transfer annually not more than three hundred fifty thousand dollars ($350,000) from the fund to the administrative expense account.

(d) Administrative expenses under this section may include:

(1) processing refunds;

(2) enforcement of the fund;

(3) record keeping in relation to the fund;

(4) the ordinary management and investment fees connected with the operation of the fund;

(5) a study of fund solvency, practices, and procedures;

(6) a performance review of the agency's auditing practices and procedures;

(7) professional development and training programs for agency staff that are closely relevant to the auditing, licensing, and other regulatory functions of the agency;

(8) technology software updates and technology support services that are closely relevant to the auditing, licensing, and other regulatory functions of the agency;

(9) professional training for board members on the board members' duties and responsibilities;

(10) the use of supplemental consulting services;

(11) hiring a manager or a management firm;

(12) hiring legal counsel or seeking legal consultation;  and

(13) paying legal fees and legal expenses in an action brought against, or by, the corporation or board and that have been approved by the board.

(e) The agency may not use money in the administrative expense account for expenses other than the expenses described in subsection (d).

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-4-4-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-4-4-2/

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