(b) Before July 1, 1985, the university board shall accept the transfer of assets described in subsection (a) and assume the liabilities described in section 5 of this chapter.(c) The university board and the ISU board shall enter into one (1) or more agreements that implement this chapter and that do not conflict with P.L.218-1985. The agreements must:(1) list or otherwise describe all assets to be transferred to the university board under subsection (a);(2) delineate the means of the transfers described in subsection (a), either by deed, bill of sale, or other appropriate conveyance;(3) delineate the required timing for each transfer described in subsection (a);(4) list or otherwise describe all obligations to be assumed by the university and the means and procedures for providing for payment and satisfaction of each obligation by the university;(5) provide for the joint use contracts described in section 5(d) of this chapter;(6) provide for indemnification of the ISU board by the payment and satisfaction of each obligation by the university;(5) provide for the joint use contracts described in section 5(d) of this chapter;(6) provide for indemnification of the ISU board by the university board, as necessary or appropriate, in regard to any liabilities of the ISU board assumed by the university board; and(7) provide for any other matters that are necessary and consistent with P.L.218-1985.As added by P.L.220-2011, SEC.356.
Indiana Legal Code