Sec. 8. (a) The fund shall be deposited in a commercial bank or other institution authorized by law to receive public money.
(b) The account into which the fund is deposited must be an interest paying account. The trustee shall annually take the interest from the fund and deposit the interest into a separate bank account known as the seminary lands school account maintained by the trustee for purposes of this chapter.
(c) The trustee shall also deposit in the account:
(1) forty percent (40%); or
(2) two thousand five hundred dollars ($2,500);
whichever is greater, each year of the annual rental received from seminary lands.
[Pre-2006 Recodification Citation: 21-2-1-2 part.]
As added by P.L.2-2006, SEC.165.
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