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Current as of January 02, 2024 | Updated by FindLaw Staff
Sec. 8. (a) As used in this section, “recapture provision” means language that requires the recipient of an incentive to repay some part of the incentive.
(b) The corporation may waive or modify a recapture provision of this article or an agreement made with a person to whom the corporation has awarded an incentive if the corporation determines that the recipient of an incentive awarded by the corporation has failed to meet a condition for receiving the incentive because of circumstances beyond the recipient's control, including:
(1) natural disaster;
(2) unforeseen industry trends;
(3) lack of available labor force;
(4) loss of a major supplier or market; or
(5) another circumstance beyond the recipient's control, as determined by the corporation.
Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-28-28-8 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-28-28-8/
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 or via Westlaw before relying on it for your legal needs.
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