Sec. 17. (a) As used in this section, "foreign business association" means a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another state or another country.
(b) A foreign business association may not purchase, receive, or lease property from a land bank unless at the time the sale, transfer, or lease occurs:
(1) the foreign business association has obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23, as applicable; and
(2) the foreign business association is in good standing in Indiana as determined by the secretary of state.
(c) If a foreign business association purchases, receives, or leases a tract that the foreign business association was not eligible under subsection (b) to purchase, receive, or lease, the sale, transfer, or lease of the property is void and the land bank retains the interest in the tract that the land bank possessed before the sale, transfer, or lease of the tract.
As added by P.L.211-2016, SEC.1.
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