1. (a) A fair association is a corporation from the date the articles of incorporation are filed in the appropriate recorder's office. The fair association has all the rights, powers, and privileges given to a corporation under common law, including the right to:

   1. (1) sue and be sued;
   2. (2) borrow money and secure payment by notes, mortgages, bonds, or deeds of trust upon its personal and real property; and
   3. (3) rent, lease, purchase, hold, sell, and convey real estate and personal property to the extent necessary and proper to erect buildings and other proper purposes of the corporation.

2. (b) If:

   1. (1) a fair association was organized in Indiana before March 6, 1889; and

   2. (2) the fair association met the requirements of section 2 of this chapter when it was organized;

      subsection (a) applies to that association and to an association described in section 1 of this chapter.

      [Pre-2008 Recodification Citation: 15-5-3-3.]

As added by P.L.2-2008, SEC.10.