CHAPTER 3. INDIANA GRAIN INDEMNITY CORPORATION
IC 26-4-3
Chapter 3. Indiana Grain Indemnity Corporation
IC 26-4-3-1
Establishment as a public body corporate
Sec. 1. The Indiana grain indemnity corporation is established.The corporation is a public body corporate and politic, and though itis separate from the state, the exercise by the corporation of itspowers constitutes an essential governmental function. Thecorporation may sue and be sued and plead and be impleaded.
As added by P.L.250-1995, SEC.1.
IC 26-4-3-2
Board of directors; establishment; powers and duties; members
Sec. 2. (a) The corporation's board is created. The governingpowers of the corporation are vested in the board, which is composedof thirteen (13) members as described in subsections (b) and (c).
(b) The board consists of the following ten (10) voting members:
(1) Two (2) members appointed by the largest Indianaorganization representing the interests of grain and feed dealersin Indiana.
(2) Two (2) members appointed by the largest Indianaorganization representing general farm interests in Indiana.
(3) One (1) member appointed by the second largest Indianaorganization representing general farm interests in Indiana.
(4) One (1) member appointed by the largest Indianaorganization exclusively representing the interests of cornproducers.
(5) One (1) member appointed by the largest Indianaorganization exclusively representing the interests of soybeanproducers in Indiana.
(6) Two (2) members appointed by the largest Indianaorganization representing the interests of bankers in Indiana.
(7) One (1) member appointed by the largest Indianaorganization representing the interests of the seed trade inIndiana.
The members appointed under subdivisions (2) through (5) must beproducers.
(c) The board consists of the following three (3) nonvotingmembers:
(1) The attorney general.
(2) The treasurer of state.
(3) The director of the agency, who shall serve as thechairperson.
(d) The attorney general and treasurer of state may each designatea representative to serve on the board.
As added by P.L.250-1995, SEC.1. Amended by P.L.115-1999,SEC.3; P.L.5-2009, SEC.1.
IC 26-4-3-3 Board of directors; term; vacancies
Sec. 3. (a) A member of the board appointed under section 2(b) ofthis chapter:
(1) serves for a four (4) year term;
(2) is entitled to the same per diem and mileage allowancesprovided by law for state employees; and
(3) may be reappointed.
(b) A vacancy created by a member described in subsection (a)shall be filled by the appointing body of the person who created thevacancy. The replacement board member shall fill the vacancy forthe unexpired term of the previous member.
(c) A vacancy in the membership of the board does not impair theright of a quorum to exercise all the rights and perform all the dutiesof the board and corporation.
As added by P.L.250-1995, SEC.1.
IC 26-4-3-4
Board of directors; quorum
Sec. 4. (a) Except as provided in subsection (b), six (6) votingmembers constitute a quorum. The affirmative votes of at least six(6) voting members are necessary for any action to be taken by theboard.
(b) A meeting may be adjourned by less than six (6) members.
As added by P.L.250-1995, SEC.1. Amended by P.L.115-1999,SEC.4.
IC 26-4-3-5
Board of directors; meetings
Sec. 5. The board shall meet at least two (2) times each year. One(1) meeting of the board must be held in July.
As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010,SEC.23.
IC 26-4-3-6
Board of directors; notice of meetings
Sec. 6. (a) Except as provided in subsection (b), a member of theboard must be given at least five (5) days written notice of themeetings.
(b) A member of the board may waive any notice required by thissection or bylaws of the corporation before or after the date and timestated in the notice. The waiver by the board member entitled to thenotice must be in writing and be hand delivered or mailed to thecorporation for inclusion in the minutes or filing with the corporaterecords.
(c) A board member's attendance at a meeting waives anyobjection:
(1) to the lack of a notice or a defective notice of the meeting,unless the member at the beginning of the meeting objects toholding the meeting or transacting business at the meeting; and
(2) to consideration of a particular matter at the meeting that is
not within the purpose or purposes described in the notice,unless the member objects to considering the matter when it ispresented.
As added by P.L.250-1995, SEC.1.
IC 26-4-3-7
Board of directors; duties
Sec. 7. The board shall do the following:
(1) Adopt rules, create forms, and establish guidelines toimplement this article.
(2) Collect and deposit all producer premiums authorized underIC 26-4-4-4 into the fund for investment by the board.
(3) Initiate any action it may consider necessary to compel thegrain buyer against whom an awarded claim arose to repay tothe fund the sums that are disbursed from the fund in relation toeach claim.
(4) Initiate any action it may consider necessary to compel theclaimant whose claim arose due to a failure to participate in anylegal proceeding in relation to the claim.
(5) Within five (5) business days of receiving notice of failureof a grain buyer, publish notice of the failure in a mannerdescribed in IC 5-3.
As added by P.L.250-1995, SEC.1.
IC 26-4-3-8
Board of directors; liability
Sec. 8. A member of the board or other person acting on behalf ofthe corporation is not personally liable for damage or injury resultingfrom the performance of the member's or person's duties under thisarticle.
As added by P.L.250-1995, SEC.1.
IC 26-4-3-9
Powers and duties of corporation
Sec. 9. (a) The corporation may do or shall have any of thefollowing:
(1) Perpetual succession by its corporate name as a corporatebody.
(2) Adopt and make use of an official seal and alter the same atpleasure.
(3) Adopt, amend, and repeal bylaws consistent with theprovisions of this article for the regulation and conduct of thecorporation's affairs and prescribe rules and policies inconnection with the performance of the corporation's functionsand duties.
(4) Use the services of the agency and the attorney generalwhen considered necessary in the execution of the duties of theboard.
(5) Accept gifts, devises, bequests, grants, loans, appropriations,revenue sharing, other financing and assistance, and any other
aid from any source and agree to and comply with any attachedconditions.
(6) Procure insurance against any loss in connection with itsoperations in the amounts and from the insurers as it considersnecessary or desirable.
(7) Borrow money from a bank, an insurance company, aninvestment company, or any other person. The corporation maynegotiate the terms of a loan contract. The contract mustprovide for repayment of the money in not more than forty (40)years and that the loan may be prepaid. The loan contract mustplainly state that it is not an indebtedness of the state butconstitutes a corporate obligation solely of the corporation andis payable solely from revenues of the corporation or anyappropriations from the state that might be made to thecorporation for that purpose.
(8) Include in any borrowing amounts considered necessary bythe corporation to pay financing charges, interest on theobligations, consultant, advisory, and legal fees, and otherexpenses necessary or incident to such borrowing.
(9) Employ personnel as may be required in the judgment of thecorporation, and fix and pay compensation from moneyavailable to the corporation from the administrative expensesaccount.
(10) Make, execute, and carry out any and all contracts,agreements, or other documents with any governmental agencyor any person, corporation, limited liability company,association, partnership, or other organization or entitynecessary or convenient to accomplish the purposes of thisarticle.
(11) Upon the request of the director of the agency and theapproval of the board, make payment from the fund when thepayment is necessary for the purpose of compensating claimantsin accordance with the provisions of IC 26-4-6.
(12) Have powers necessary or appropriate for the exercise ofthe powers specifically conferred upon the corporation and allincidental powers customary in corporations.
(b) The corporation or the board may use the services of a personother than the attorney general to collect money owed to the fund orto litigate claims concerning money owed to the fund.
As added by P.L.250-1995, SEC.1.
IC 26-4-3-10
Code of ethics
Sec. 10. (a) The corporation shall:
(1) adopt:
(A) rules under IC 4-22-2; or
(B) a policy;
establishing a code of ethics for its employees; or
(2) decide it wishes to be under the jurisdiction and rulesadopted by the state ethics commission. (b) A code of ethics adopted by rule or policy under this sectionmust be consistent with state law and approved by the governor.
As added by P.L.5-1996, SEC.18.