Loans; expenditures for improvements; authorization by act of

general assembly; violations Sec. 1. (a) A trustee on a board of trustees of any benevolent, scientific, or educational institution, or any correctional facility of the state, shall not: (1) borrow money upon the credit of the state; (2) contract any indebtedness on the credit of the state; or (3) make expenditures for improvements for an institution or correctional facility in any way; unless the loan or expenditure of money is first authorized by an act of the general assembly. (b) A trustee who violates this section: (1) commits a Class C infraction; and (2) forfeits the trustee's office. Formerly: Acts 1875, c.4, s.1. As amended by P.L.12-1996, SEC.1; P.L.215-2016, SEC.65.