HB1207 Summary

• Adds definition of "state educational institution" to Indiana Code IC 23-17, referencing IC 21-7-13-32.

• Allows a state educational institution to merge with a public benefit corporation, requiring prior court approval and written notice to the attorney general.

• Mergers of public benefit corporations require notice to the attorney general at least 20 days before consummation and must comply with asset transfer requirements and director approval procedures.

• Members of public benefit or religious corporations may not receive personal benefits from a merger without prior written consent of the attorney general or court approval, except for continued membership in the surviving corporation.

• Effective date: July 1, 2015.