CHAPTER 1. ORGANIZATION OF INTERSTATE FAIRS
IC 15-14
ARTICLE 14. AGRICULTURAL FAIRS,ASSOCIATIONS, AND SOCIETIES
IC 15-14-1
Chapter 1. Organization of Interstate Fairs
IC 15-14-1-1
Organization of fair; articles of incorporation
Sec. 1. (a) At least thirty (30) individuals who are residents of atleast two (2) states may organize themselves into a society to locateand conduct a fair in any county in Indiana.
(b) Individuals who have organized a society under subsection (a)may organize themselves into a corporation by filing written articlesof incorporation under section 2 of this chapter. The articles must:
(1) be signed by each individual who is a member at the time oforganization;
(2) specify the:
(A) purpose of the corporation;
(B) corporate name that is adopted;
(C) name and residential address of each member orstockholder; and
(D) manner in which individuals are appointed or elected tomanage the business and concerns of the corporation; and
(3) bear an impression and description of the corporate seal.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-2
Filing articles
Sec. 2. (a) A society organized as a corporation under section 1 ofthis chapter shall file its articles of incorporation in the recorder'soffice of the county of incorporation.
(b) After the expenses of filing and recording have been paid, thecounty recorder shall record the articles of incorporation in themiscellaneous book of records in the office of the recorder. Acertified copy of the articles of incorporation or the recorded articlesare conclusive evidence of the matters and things contained in thearticles.
(c) A duplicate of the articles of incorporation must be filed withthe secretary of state.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-3
Corporation powers
Sec. 3. A corporation incorporated under this chapter:
(1) has all the rights, powers, and privileges given tocorporations by common law;
(2) may sue and be sued;
(3) may borrow and secure payment of money by: (A) notes and mortgage; and
(B) bonds or deeds of trust upon the corporation's personaland real property; and
(4) may rent, lease, purchase, hold, sell, and convey real andpersonal property necessary and proper:
(A) to erect buildings; and
(B) for other purposes of a corporation organized undersection 1(a) of this chapter.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-4
Shares
Sec. 4. A corporation incorporated under this chapter may:
(1) divide its corporate property into shares; and
(2) designate the manner that the shares may be held, sold,conveyed, assigned, or transferred.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-5
Officers; rules; records
Sec. 5. (a) A corporation incorporated under this chapter:
(1) shall elect officers or agents necessary to carry intooperation the purposes of its organization;
(2) may prescribe and adopt rules for the direction of its officersand members; and
(3) shall keep a fair record of its proceedings and accounts inproper books.
(b) The corporation's records or copies of the records that:
(1) are certified by the secretary or clerk of the corporation; and
(2) have affixed the corporate seal;
may be used as evidence in a court proceeding.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-6
Authority to receive gifts; intent
Sec. 6. Real or personal property may be:
(1) bequeathed;
(2) devised; or
(3) given;
to a corporation incorporated under this chapter by will if thecorporation name is stated or the purpose for the transfer leaves noreasonable doubt as to the corporation or purpose for which thetransfer was intended.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-7
Restrictions on property ownership
Sec. 7. (a) The amount of real estate that a corporationincorporated under this chapter may purchase or own may notexceed: (1) one hundred sixty (160) acres; and
(2) five hundred thousand dollars ($500,000) in value.
(b) A corporation incorporated under this chapter may sell anyland that it possesses or may possess.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-8
Capital stock
Sec. 8. (a) Except as provided in subsection (b), the capital stockof a corporation incorporated under this chapter may not exceed fivehundred thousand dollars ($500,000).
(b) The capital stock of a corporation incorporated under thischapter may be increased by the vote of the stockholders at:
(1) an annual meeting of the stockholders; or
(2) a meeting called especially to increase the capital stock;
to an amount not exceeding one million dollars ($1,000,000).
As added by P.L.2-2008, SEC.5.
IC 15-14-1-9
Awards; promotions
Sec. 9. (a) A corporation incorporated under this chapter shallannually offer and present cash awards for the improvement of soils,tillage, crops, manures, improvement of stock, articles of domesticindustry, and other articles, productions, and improvements thecorporation considers proper. The awards must be provided indifferent amounts and grades so that large and small manufacturersand farmers have an opportunity to compete for the awards.
(b) A corporation incorporated under this chapter may performany acts the corporation considers best to promote the agriculturaland household manufacturing interests of the county and of the stateswhose residents have organized the corporation.
(c) When a corporation organized under this chapter makes itsawards, special attention must be given to the profits that may or arelikely to accrue from:
(1) the improved method of raising the crop;
(2) improving the soil or stock; or
(3) the fabrication of the articles offered;
with the intention that the award be given for the most economicalmethod of improvement.
(d) Before an award is made under this section, a personcompeting for a cash award for improved:
(1) tillage methods;
(2) manufacturing methods; or
(3) production of any crop or other articles;
must deliver to the awarding committee a full and correct statementof the process of the tillage method, manufacturing method, orproduction. The statement must show the expense and value of theprocess to show accurately the profits derived or expected to bederived.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-10
Publishing list of awards; report
Sec. 10. A corporation incorporated under this chapter shall:
(1) annually publish a list of the awards made by thecorporation under section 9 of this chapter and a summary ofthe treasurer's account in a newspaper of the county; and
(2) make a:
(A) report of its proceedings during the year;
(B) synopsis of the awards made by the corporation undersection 9 of this chapter for improvements in agriculturaland household manufactures, along with summarydescriptions of the improvements; and
(C) report of the condition of agriculture in the county ordistrict of the corporation, which must:
(i) comply with the rules of the state fair commission; and
(ii) be forwarded to the state fair commission at its annualmeeting in January of each year.
A subsequent payment may not be made from the countytreasury unless a certificate is presented to the auditor fromthe secretary of the state fair commission showing that thereport has been made.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-11
Power to borrow; interest; mortgages; bond issue
Sec. 11. (a) A corporation incorporated under this chapter may dothe following:
(1) Borrow not more than two hundred thousand dollars($200,000) at a rate of interest not to exceed six percent (6%)per annum.
(2) Mortgage its property to secure the repayment of the loan.
(3) Issue bonds for not more than two hundred thousand dollars($200,000).
(b) Bonds issued under subsection (a) must:
(1) not exceed a duration of twenty (20) years;
(2) have interest bearing coupons affixed; and
(3) be secured by mortgage on the property of the corporation.
As added by P.L.2-2008, SEC.5.
IC 15-14-1-12
County allowance to association; lien; repayment
Sec. 12. (a) As used in this section, "county executive" means theboard of commissioners of a county elected under IC 36-2-2-2.
(b) The county executive may make an allowance out of thegeneral fund of the county to a corporation incorporated under thischapter.
(c) Before an allowance under subsection (b) is made, thepresident or secretary of the association shall file a sworn statementwith the county executive showing the:
(1) name and date of organization of the association; and (2) amount expended for fairgrounds and permanentimprovements needed for the fairgrounds and the amountnecessary to complete the improvements.
(d) After receiving a sworn statement under subsection (c), thecounty executive may make an allowance that the county executiveconsiders necessary, but that does not exceed either of the following:
(1) Ten thousand dollars ($10,000).
(2) One-half (1/2) the amount shown by the statement to beexpended on the grounds and improvements.
(e) The amount appropriated under this section is a lien on the realand personal property of the association.
(f) Dividends may not be declared or paid to the incorporators orstockholders until the appropriation made by the board is repaid tothe county treasurer with interest.
As added by P.L.2-2008, SEC.5. Amended by P.L.86-2008, SEC.8.