(b) The governing body does not assume its powers and duties until the date the community school corporation becomes effective. For thirty (30) days before the date on which the governing body of a community school corporation assumes office, an existing school corporation having territory that will be included within the boundaries of a community school corporation may not contract or place the school corporation under any further obligations, except upon written approval of the county committee.(c) The transfer of:(1) powers;(2) duties;(3) property rights;(4) other assets;(5) liabilities;(6) contracts both as to rights and obligations; and(7) all else connected with the transfer of authority from existing school corporations to the community school corporation;takes place at the time of the formation and creation of the community school corporation and are vested in the community school corporation.[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-4-1-26.7.]As added by P.L.1-2005, SEC.7.
Indiana Legal Code