- (a) The fund shall be deposited in a commercial bank or other institution authorized by law to receive public money.
- (b) The account into which the fund is deposited must be an interest paying account. The trustee shall annually take the interest from the fund and deposit the interest into a separate bank account known as the seminary lands school account maintained by the trustee for purposes of this chapter.
(c) The trustee shall also deposit in the account:
- (1) forty percent (40%); or
(2) two thousand five hundred dollars ($2,500);
whichever is greater, each year of the annual rental received from seminary lands.
[Pre-2006 Recodification Citation: 21-2-1-2 part.]
As added by P.L.2-2006, SEC.165.