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13-11-2-142.3. "Nonprofit corporation"

IN Code § 13-11-2-142.3 (2019) (N/A)
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Sec. 142.3. "Nonprofit corporation", for purposes of this chapter and IC 13-25-4-8, refers to a nonprofit corporation:

(1) that is exempt from income taxation under 26 U.S.C. 501;

(2) for which the primary purpose, as identified in the corporation's articles of incorporation, is to assist and support a political subdivision in a matter of public concern; and

(3) that has no member affiliated with any other person that is potentially liable for response costs at a facility through any of the following:

(A) A direct or an indirect familial relationship.

(B) A contractual, corporate, or financial relationship other than a contractual, corporate, or financial relationship that is created:

(i) by the instruments by which title to the facility is conveyed or financed; or

(ii) by a contract for the sale of goods or services.

(C) The result of a reorganization of a business entity that was potentially liable for response costs at the facility.

As added by P.L.221-2007, SEC.2.

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