CHAPTER 5. AUTHORITY TO MAKE CHARITABLE CONTRIBUTIONS

IC 23-15-5
    Chapter 5. Authority to Make Charitable Contributions

IC 23-15-5-1
Right to make charitable contributions
    Sec. 1. Every railroad company, rural loan and saving association,credit union, or corporation organized for the conduct of a banking,insurance, surety, trust, safe deposit, mortgage guarantee, or buildingand loan business organized under any law of this state may, subjectto any restrictions contained in the articles of incorporation, makecontributions out of the gross income of the corporation to suchentities, and for any one (1) or more of such purposes, as the boardof directors may reasonably believe will constitute deductions fromgross income in computing the net income of the corporation subjectto tax, pursuant to the Internal Revenue Code.
As added by P.L.149-1986, SEC.58. Amended by P.L.2-1987,SEC.34.