"Qualified trust" means one (1) of the following:

1. (1) A trust of which the entire beneficial ownership is owned by a qualified person and the trustee is a qualified person.
2. (2) A voting trust established under IC 23-1-31 , if the beneficial owner of any shares on deposit and the trustee of the voting trust are qualified persons.

3. (3) A charitable remainder unitrust or charitable remainder annuity trust that complies with each of the following conditions:

   1. (A) Has one (1) or more current income recipients, all of whom are qualified persons.

   2. (B) Has a trustee or an independent special trustee who:

      1. (i) is a qualified person; and
      2. (ii) has exclusive authority over the shares of the professional corporation while the shares are held in the trust.

   3. (C) Has one (1) or more irrevocably designated charitable remaindermen, all of which must at all times:

      1. (i) be domiciled; or

      2. (ii) maintain a local chapter;

         in Indiana.

   4. (D) When distributing any assets during the term of the trust to charitable organizations, the distributions are made only to charitable organizations described in Section 170(c) of the Internal Revenue Code that:

      1. (i) are domiciled; or

      2. (ii) maintain a local chapter;

         in Indiana.

As added by P.L.239-1983, SEC.1. Amended by P.L.149-1986, SEC.46; P.L.172-1996, SEC.4.