The fair association has all the rights, powers, and privileges given to a corporation under common law, including the right to:(1) sue and be sued;(2) borrow money and secure payment by notes, mortgages, bonds, or deeds of trust upon its personal and real property; and(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.(b) If:(1) a fair association was organized in Indiana before March 6, 1889; and(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.
Indiana Legal Code