A state educational institution may be a member of a postsecondary SEI affiliated educational institution if:

1. (1) the postsecondary SEI affiliated educational institution is a public benefit corporation (as defined in IC 23-17-2-23 );
2. (2) the postsecondary SEI affiliated educational institution is controlled by the state educational institution;
3. (3) in the judgment of the board of trustees, it is in the best interest and consistent with the mission of the state educational institution; and
4. (4) any contributions or other financial support made to the postsecondary SEI affiliated educational institution by the state educational institution consist solely of eligible property.

As added by P.L.217-2017, SEC.148.