Sec. 8. (a) If the board of trustees or school commissioners of a corporation governed by sections 6 through 9 of this chapter desires:
(1) to appoint one (1) or more trustees to hold the title to any property, real or personal, acquired by the board or commissioners in the manner mentioned in sections 6 through 9 of this chapter, unless the wish and will of the donor or testator would be violated; and
(2) to invest the principal and pay over only the net interest, rents, issues, incomes, and profits of the fund to the school corporation for use as provided in sections 6 through 9 of this chapter;
the school corporation may name and appoint one (1) or more trustees and to vest in the trustees the title to the property, subject to trust and powers as the school corporation may impose, not inconsistent with the expressed wish or will of the donor or testator or this chapter applicable to the property if a transfer to a trustee has not been made.
(b) However, if:
(1) the managing board of the school corporation consists of less than three (3) persons; and
(2) the school corporation elects to have the property held and managed by trustees;
the corporation shall establish the terms of the trust and make the conveyance, and the judge of the circuit court of the county in which the school corporation is domiciled shall appoint at least three (3) trustees.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5-20-4.]
As added by P.L.1-2005, SEC.10.
Structure Indiana Code
Article 26. School Corporations: General Administrative Provisions
Chapter 7. Property and Eminent Domain
20-26-7-0.4. Issuance of Bonds or Execution of Lease Under Prior Law Before May 1, 1995
20-26-7-1. Sale or Exchange of Unneeded Property
20-26-7-2. Property Damage; Insurance Proceeds
20-26-7-5. Conveyance of School Property to City Authorized
20-26-7-6. Property Acquired by Conditional Gift or Bequest; Annexation
20-26-7-7. Unconditional Devise or Bequest
20-26-7-8. Appointment of Trustees to Manage Property Acquired by Gift or Bequest
20-26-7-9. Purpose and Construction of Statutes Concerning Property Acquired by Gift or Bequest
20-26-7-13. Eminent Domain; Petition for Appointment of Appraisers
20-26-7-14. Eminent Domain; Appointment of Appraisers
20-26-7-15. Eminent Domain; Oath of Appraisers; Payment of Damages; Trial; Appeal
20-26-7-27. Inspection of Heating Systems and Fuel Lines Used for School Purposes
20-26-7-27.5. Abatement of Certain Violations
20-26-7-28. Record and Report of Heating System and Fuel Line Inspection
20-26-7-36. School Building Construction or Alteration; Feasibility Study
20-26-7-37. School Building Construction or Alteration; Hearing and Notice
20-26-7-38. School Building Construction or Alteration; Resolution
20-26-7-39. Sale or Exchange of Unneeded School Property to State; Terms of Agreement
20-26-7-40. Sale or Exchange of Unneeded School Property to State; Execution of Deed
20-26-7-41. Township Schools; Sale of Unused School Land
20-26-7-42. Township Schools; Subsequent Conveyance to Correct Error in Prior Conveyance
20-26-7-46. Requirements for Contracts as a Design Professional for a Controlled Project