Court approval of loan

Sec. 7. If at the hearing the court finds that: (1) the loan as proposed in the petition is necessary for the accomplishment of the purposes set forth in this chapter; and (2) the terms and conditions are reasonable and probably are as beneficial to accomplish the purposes as would be obtainable in private competitive financial markets; the court shall approve the petition and authorize the board of directors to enter into the loan agreement. [Pre-1995 Recodification Citation: 13-2-29-1(b) part.] As added by P.L.1-1995, SEC.20.