Skip to main content

Senate Bill (S)

DIGEST

Kids first trust fund board. Allows the Indiana kids first trust fund board (board) to create a nonprofit subsidiary corporation to solicit and accept private funding, gifts, donations, bequests, devises, and contributions. Provides that the members of the board serve terms of four years (rather than two years under current law) and provides for the terms of the appointed members of the board to be staggered. Provides that a majority of the appointed members of the board constitutes a quorum for purposes of board meetings. Provides that an affirmative vote of the majority of the board members participating in a Kids first trust fund board. Allows the Indiana kids first trust fund board (board) to create a nonprofit subsidiary corporation to solicit and accept private funding, gifts, donations, bequests, devises, and contributions. Provides that the members of the board serve terms of four years (rather than two years under current law) and provides for the terms of the appointed members of the board to be staggered. Provides that a majority of the appointed members of the board constitutes a quorum for purposes of board meetings. Provides that an affirmative vote of the majority of the board members participating in a board meeting is required for the board to take action at the meeting. Provides that at least two meetings of the board each year must be conducted with at least a quorum of the members of the board. Provides that not later than 10 days after a meeting of the board, the board shall post a draft of the minutes of the meeting on the board's Internet web site. Requires the board to study the topic of establishing a nonprofit subsidiary corporation and provide a report to the general assembly with the board's findings. ... View more