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 it
is separate from the state, the exercise by the corporation of its
powers constitutes an essential governmental function. The
corporation 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 governing
powers of the corporation are vested in the board, which is composed
of 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 Indiana
organization representing the interests of grain and feed dealers
in Indiana.
(2) Two (2) members appointed by the largest Indiana
organization representing general farm interests in Indiana.
(3) One (1) member appointed by the second largest Indiana
organization representing general farm interests in Indiana.
(4) One (1) member appointed by the largest Indiana
organization exclusively representing the interests of corn
producers.
(5) One (1) member appointed by the largest Indiana
organization exclusively representing the interests of soybean
producers in Indiana.
(6) Two (2) members appointed by the largest Indiana
organization representing the interests of bankers in Indiana.
(7) One (1) member appointed by the largest Indiana
organization representing the interests of the seed trade in
Indiana.
The members appointed under subdivisions (2) through (5) must be
producers.
(c) The board consists of the following three (3) nonvoting
members:
(1) The attorney general.
(2) The treasurer of state.
(3) The director of the agency, who shall serve as the
chairperson.
(d) The attorney general and treasurer of state may each designate
a 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) of
this chapter:
(1) serves for a four (4) year term;
(2) is entitled to the same per diem and mileage allowances
provided 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 the
vacancy. The replacement board member shall fill the vacancy for
the unexpired term of the previous member.
(c) A vacancy in the membership of the board does not impair the
right of a quorum to exercise all the rights and perform all the duties
of 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) voting
members constitute a quorum. The affirmative votes of at least six
(6) voting members are necessary for any action to be taken by the
board.
(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 the
board must be given at least five (5) days written notice of the
meetings.
(b) A member of the board may waive any notice required by this
section or bylaws of the corporation before or after the date and time
stated in the notice. The waiver by the board member entitled to the
notice must be in writing and be hand delivered or mailed to the
corporation for inclusion in the minutes or filing with the corporate
records.
(c) A board member's attendance at a meeting waives any
objection:
(1) to the lack of a notice or a defective notice of the meeting,
unless the member at the beginning of the meeting objects to
holding 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 is
presented. 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 to
implement this article.
(2) Collect and deposit all producer premiums authorized under
IC 26-4-4-4 into the fund for investment by the board.
(3) Initiate any action it may consider necessary to compel the
grain buyer against whom an awarded claim arose to repay to
the fund the sums that are disbursed from the fund in relation to
each claim.
(4) Initiate any action it may consider necessary to compel the
claimant whose claim arose due to a failure to participate in any
legal proceeding in relation to the claim.
(5) Within five (5) business days of receiving notice of failure
of a grain buyer, publish notice of the failure in a manner
described 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 of
the corporation is not personally liable for damage or injury resulting
from the performance of the member's or person's duties under this
article. 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 the
following:
(1) Perpetual succession by its corporate name as a corporate
body.
(2) Adopt and make use of an official seal and alter the same at
pleasure.
(3) Adopt, amend, and repeal bylaws consistent with the
provisions of this article for the regulation and conduct of the
corporation's affairs and prescribe rules and policies in
connection with the performance of the corporation's functions
and duties.
(4) Use the services of the agency and the attorney general
when considered necessary in the execution of the duties of the
board.
(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 attached
conditions.
(6) Procure insurance against any loss in connection with its
operations in the amounts and from the insurers as it considers
necessary or desirable.
(7) Borrow money from a bank, an insurance company, an
investment company, or any other person. The corporation may
negotiate the terms of a loan contract. The contract must
provide for repayment of the money in not more than forty (40)
years and that the loan may be prepaid. The loan contract must
plainly state that it is not an indebtedness of the state but
constitutes a corporate obligation solely of the corporation and
is payable solely from revenues of the corporation or any
appropriations from the state that might be made to the
corporation for that purpose.
(8) Include in any borrowing amounts considered necessary by
the corporation to pay financing charges, interest on the
obligations, consultant, advisory, and legal fees, and other
expenses necessary or incident to such borrowing.
(9) Employ personnel as may be required in the judgment of the
corporation, and fix and pay compensation from money
available to the corporation from the administrative expenses
account.
(10) Make, execute, and carry out any and all contracts,
agreements, or other documents with any governmental agency
or any person, corporation, limited liability company,
association, partnership, or other organization or entity
necessary or convenient to accomplish the purposes of this
article.
(11) Upon the request of the director of the agency and the
approval of the board, make payment from the fund when the
payment is necessary for the purpose of compensating claimants
in accordance with the provisions of IC 26-4-6.
(12) Have powers necessary or appropriate for the exercise of
the powers specifically conferred upon the corporation and all
incidental powers customary in corporations.
(b) The corporation or the board may use the services of a person
other than the attorney general to collect money owed to the fund or
to 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 rules
adopted by the state ethics commission.
(b) A code of ethics adopted by rule or policy under this section
must be consistent with state law and approved by the governor. As added by P.L.5-1996, SEC.18.
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 it
is separate from the state, the exercise by the corporation of its
powers constitutes an essential governmental function. The
corporation 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 governing
powers of the corporation are vested in the board, which is composed
of 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 Indiana
organization representing the interests of grain and feed dealers
in Indiana.
(2) Two (2) members appointed by the largest Indiana
organization representing general farm interests in Indiana.
(3) One (1) member appointed by the second largest Indiana
organization representing general farm interests in Indiana.
(4) One (1) member appointed by the largest Indiana
organization exclusively representing the interests of corn
producers.
(5) One (1) member appointed by the largest Indiana
organization exclusively representing the interests of soybean
producers in Indiana.
(6) Two (2) members appointed by the largest Indiana
organization representing the interests of bankers in Indiana.
(7) One (1) member appointed by the largest Indiana
organization representing the interests of the seed trade in
Indiana.
The members appointed under subdivisions (2) through (5) must be
producers.
(c) The board consists of the following three (3) nonvoting
members:
(1) The attorney general.
(2) The treasurer of state.
(3) The director of the agency, who shall serve as the
chairperson.
(d) The attorney general and treasurer of state may each designate
a 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) of
this chapter:
(1) serves for a four (4) year term;
(2) is entitled to the same per diem and mileage allowances
provided 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 the
vacancy. The replacement board member shall fill the vacancy for
the unexpired term of the previous member.
(c) A vacancy in the membership of the board does not impair the
right of a quorum to exercise all the rights and perform all the duties
of 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) voting
members constitute a quorum. The affirmative votes of at least six
(6) voting members are necessary for any action to be taken by the
board.
(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 the
board must be given at least five (5) days written notice of the
meetings.
(b) A member of the board may waive any notice required by this
section or bylaws of the corporation before or after the date and time
stated in the notice. The waiver by the board member entitled to the
notice must be in writing and be hand delivered or mailed to the
corporation for inclusion in the minutes or filing with the corporate
records.
(c) A board member's attendance at a meeting waives any
objection:
(1) to the lack of a notice or a defective notice of the meeting,
unless the member at the beginning of the meeting objects to
holding 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 is
presented. 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 to
implement this article.
(2) Collect and deposit all producer premiums authorized under
IC 26-4-4-4 into the fund for investment by the board.
(3) Initiate any action it may consider necessary to compel the
grain buyer against whom an awarded claim arose to repay to
the fund the sums that are disbursed from the fund in relation to
each claim.
(4) Initiate any action it may consider necessary to compel the
claimant whose claim arose due to a failure to participate in any
legal proceeding in relation to the claim.
(5) Within five (5) business days of receiving notice of failure
of a grain buyer, publish notice of the failure in a manner
described 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 of
the corporation is not personally liable for damage or injury resulting
from the performance of the member's or person's duties under this
article. 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 the
following:
(1) Perpetual succession by its corporate name as a corporate
body.
(2) Adopt and make use of an official seal and alter the same at
pleasure.
(3) Adopt, amend, and repeal bylaws consistent with the
provisions of this article for the regulation and conduct of the
corporation's affairs and prescribe rules and policies in
connection with the performance of the corporation's functions
and duties.
(4) Use the services of the agency and the attorney general
when considered necessary in the execution of the duties of the
board.
(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 attached
conditions.
(6) Procure insurance against any loss in connection with its
operations in the amounts and from the insurers as it considers
necessary or desirable.
(7) Borrow money from a bank, an insurance company, an
investment company, or any other person. The corporation may
negotiate the terms of a loan contract. The contract must
provide for repayment of the money in not more than forty (40)
years and that the loan may be prepaid. The loan contract must
plainly state that it is not an indebtedness of the state but
constitutes a corporate obligation solely of the corporation and
is payable solely from revenues of the corporation or any
appropriations from the state that might be made to the
corporation for that purpose.
(8) Include in any borrowing amounts considered necessary by
the corporation to pay financing charges, interest on the
obligations, consultant, advisory, and legal fees, and other
expenses necessary or incident to such borrowing.
(9) Employ personnel as may be required in the judgment of the
corporation, and fix and pay compensation from money
available to the corporation from the administrative expenses
account.
(10) Make, execute, and carry out any and all contracts,
agreements, or other documents with any governmental agency
or any person, corporation, limited liability company,
association, partnership, or other organization or entity
necessary or convenient to accomplish the purposes of this
article.
(11) Upon the request of the director of the agency and the
approval of the board, make payment from the fund when the
payment is necessary for the purpose of compensating claimants
in accordance with the provisions of IC 26-4-6.
(12) Have powers necessary or appropriate for the exercise of
the powers specifically conferred upon the corporation and all
incidental powers customary in corporations.
(b) The corporation or the board may use the services of a person
other than the attorney general to collect money owed to the fund or
to 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 rules
adopted by the state ethics commission.
(b) A code of ethics adopted by rule or policy under this section
must be consistent with state law and approved by the governor. As added by P.L.5-1996, SEC.18.
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 it
is separate from the state, the exercise by the corporation of its
powers constitutes an essential governmental function. The
corporation 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 governing
powers of the corporation are vested in the board, which is composed
of 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 Indiana
organization representing the interests of grain and feed dealers
in Indiana.
(2) Two (2) members appointed by the largest Indiana
organization representing general farm interests in Indiana.
(3) One (1) member appointed by the second largest Indiana
organization representing general farm interests in Indiana.
(4) One (1) member appointed by the largest Indiana
organization exclusively representing the interests of corn
producers.
(5) One (1) member appointed by the largest Indiana
organization exclusively representing the interests of soybean
producers in Indiana.
(6) Two (2) members appointed by the largest Indiana
organization representing the interests of bankers in Indiana.
(7) One (1) member appointed by the largest Indiana
organization representing the interests of the seed trade in
Indiana.
The members appointed under subdivisions (2) through (5) must be
producers.
(c) The board consists of the following three (3) nonvoting
members:
(1) The attorney general.
(2) The treasurer of state.
(3) The director of the agency, who shall serve as the
chairperson.
(d) The attorney general and treasurer of state may each designate
a 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) of
this chapter:
(1) serves for a four (4) year term;
(2) is entitled to the same per diem and mileage allowances
provided 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 the
vacancy. The replacement board member shall fill the vacancy for
the unexpired term of the previous member.
(c) A vacancy in the membership of the board does not impair the
right of a quorum to exercise all the rights and perform all the duties
of 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) voting
members constitute a quorum. The affirmative votes of at least six
(6) voting members are necessary for any action to be taken by the
board.
(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 the
board must be given at least five (5) days written notice of the
meetings.
(b) A member of the board may waive any notice required by this
section or bylaws of the corporation before or after the date and time
stated in the notice. The waiver by the board member entitled to the
notice must be in writing and be hand delivered or mailed to the
corporation for inclusion in the minutes or filing with the corporate
records.
(c) A board member's attendance at a meeting waives any
objection:
(1) to the lack of a notice or a defective notice of the meeting,
unless the member at the beginning of the meeting objects to
holding 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 is
presented. 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 to
implement this article.
(2) Collect and deposit all producer premiums authorized under
IC 26-4-4-4 into the fund for investment by the board.
(3) Initiate any action it may consider necessary to compel the
grain buyer against whom an awarded claim arose to repay to
the fund the sums that are disbursed from the fund in relation to
each claim.
(4) Initiate any action it may consider necessary to compel the
claimant whose claim arose due to a failure to participate in any
legal proceeding in relation to the claim.
(5) Within five (5) business days of receiving notice of failure
of a grain buyer, publish notice of the failure in a manner
described 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 of
the corporation is not personally liable for damage or injury resulting
from the performance of the member's or person's duties under this
article. 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 the
following:
(1) Perpetual succession by its corporate name as a corporate
body.
(2) Adopt and make use of an official seal and alter the same at
pleasure.
(3) Adopt, amend, and repeal bylaws consistent with the
provisions of this article for the regulation and conduct of the
corporation's affairs and prescribe rules and policies in
connection with the performance of the corporation's functions
and duties.
(4) Use the services of the agency and the attorney general
when considered necessary in the execution of the duties of the
board.
(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 attached
conditions.
(6) Procure insurance against any loss in connection with its
operations in the amounts and from the insurers as it considers
necessary or desirable.
(7) Borrow money from a bank, an insurance company, an
investment company, or any other person. The corporation may
negotiate the terms of a loan contract. The contract must
provide for repayment of the money in not more than forty (40)
years and that the loan may be prepaid. The loan contract must
plainly state that it is not an indebtedness of the state but
constitutes a corporate obligation solely of the corporation and
is payable solely from revenues of the corporation or any
appropriations from the state that might be made to the
corporation for that purpose.
(8) Include in any borrowing amounts considered necessary by
the corporation to pay financing charges, interest on the
obligations, consultant, advisory, and legal fees, and other
expenses necessary or incident to such borrowing.
(9) Employ personnel as may be required in the judgment of the
corporation, and fix and pay compensation from money
available to the corporation from the administrative expenses
account.
(10) Make, execute, and carry out any and all contracts,
agreements, or other documents with any governmental agency
or any person, corporation, limited liability company,
association, partnership, or other organization or entity
necessary or convenient to accomplish the purposes of this
article.
(11) Upon the request of the director of the agency and the
approval of the board, make payment from the fund when the
payment is necessary for the purpose of compensating claimants
in accordance with the provisions of IC 26-4-6.
(12) Have powers necessary or appropriate for the exercise of
the powers specifically conferred upon the corporation and all
incidental powers customary in corporations.
(b) The corporation or the board may use the services of a person
other than the attorney general to collect money owed to the fund or
to 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 rules
adopted by the state ethics commission.
(b) A code of ethics adopted by rule or policy under this section
must be consistent with state law and approved by the governor. As added by P.L.5-1996, SEC.18.
