CHAPTER 12. BORROWING BY EDUCATIONAL INSTITUTIONS

IC 23-13-12
    Chapter 12. Borrowing by Educational Institutions

IC 23-13-12-1
Right to borrow; security for loan
    Sec. 1. Any incorporated university, college, academy, theologicalinstitution, or high school existing on November 1, 1851, undereither a special charter or a general law, is hereby authorized toborrow money for the benefit and use of such corporation, and tosecure the same by mortgage of any of the property, real or personal,of any such corporation.
(Formerly: Acts 1855, c.60, s.1.) As amended by P.L.34-1987,SEC.356.

IC 23-13-12-2
Increase or diminution in number of directors or trustees
    Sec. 2. Any such corporation may, by a vote of a majority of theboard of trustees or directors, or by a vote of the stockholders at anygeneral meeting, if it be a stock corporation, either increase ordiminish the number of directors or trustees of such corporation, sothat they shall not be less than five (5) nor more than twenty-one(21).
(Formerly: Acts 1855, c.60, s.2.)