Sec. 10. The foundation may do the following:
(1) Adopt bylaws for the regulation of the foundation's affairs and the conduct of the foundation's business.
(2) Adopt an official seal, which may not be the seal of the state.
(3) Maintain a principal office and other offices the foundation designates.
(4) Sue and be sued in the name and style of "Indiana Natural Resources Foundation", with service of process being made to the chairman of the foundation by leaving a copy at the principal office of the foundation or at the residence of the chairman if the foundation has no principal office.
(5) To exercise the powers or perform the duties of the foundation, do the following:
(A) Acquire by any means except eminent domain a right or an interest in or upon real or personal property of any kind or nature. The foundation shall hold the legal title to property acquired in the name of the foundation.
(B) Dispose of a right or an interest in real property.
(6) Make and enter into all contracts, undertakings, and agreements necessary or incidental to the performance of the duties and the execution of the powers of the foundation under this chapter.
(7) Employ an executive director and other employees that are necessary in the foundation's judgment and fix their compensation.
(8) Conduct studies of the feasibility of certain natural resource projects and facilities.
(9) Receive and accept from any person grants for or in aid of the acquisition, construction, improvement, or development of any part of the projects of the foundation and receive and accept aid or contributions from any source of money, property, labor, or other things of value, to be held, used, applied, or disposed of only for the purposes consistent with the purposes of this chapter for which the grants and contributions may be made.
(10) Hold, use, administer, and expend money that may be acquired by the foundation.
(11) Do all acts and things necessary or proper to carry out the powers expressly granted in this chapter.
[Pre-1995 Recodification Citation: 14-3-17-12.]
As added by P.L.1-1995, SEC.5.