IN HB1407

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

Allows a public benefit corporation to merge with a state educational institution, requiring prior approval from circuit or superior court where the corporation's principal office is located and written notice to the attorney general.

Requires at least 20 days' notice to the attorney general before any merger of a public benefit corporation is consummated, including a copy of the proposed merger plan.

Permits mergers to be approved by board of directors or board of trustees and, if required, by members voting by majority of votes cast.

Makes the surviving corporation or state educational institution assume all liabilities and obligations of merging corporations and inherit all property and assets without reversion or impairment.

Effective July 1, 2015.