State Codes and Statutes
Statutes > Indiana > Title23 > Ar15 > Ch5
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 building
and loan business organized under any law of this state may, subject
to any restrictions contained in the articles of incorporation, make
contributions out of the gross income of the corporation to such
entities, and for any one (1) or more of such purposes, as the board
of directors may reasonably believe will constitute deductions from
gross income in computing the net income of the corporation subject
to tax, pursuant to the Internal Revenue Code.
As added by P.L.149-1986, SEC.58. Amended by P.L.2-1987,
SEC.34.
