Sec. 5. As used in this chapter, "institution" means any of the following:
(1) A person, other than an individual, that is organized and operated exclusively for charitable purposes.
(2) The state, including any agency or instrumentality of the state, or a unit of local government to the extent that the state or unit holds funds exclusively for charitable purposes.
(3) A trust that has only charitable interests, including a trust:
(A) that previously had both charitable and noncharitable interests; and
(B) the noncharitable interests of which were previously terminated.
As added by P.L.268-1989, SEC.1. Amended by P.L.199-1991, SEC.1; P.L.266-1995, SEC.2; P.L.2-2007, SEC.356; P.L.226-2007, SEC.11; P.L.3-2008, SEC.227.