All:

1. (1) agricultural or horticultural societies; or

2. (2) county fairs having a state charter;

   owning at least fifty (50) acres of real estate in fee simple may issue first mortgage bonds in a maximum amount of seventy-five percent (75%) of the value of the real estate unimproved to pay off a current incumbrance or make permanent improvements on the society's or fair's grounds.

   [Pre-2008 Recodification Citation: 15-1-7-1.]

As added by P.L.2-2008, SEC.5.