Section 36-7-38-3 - Bylaws The bylaws of the land bank must require the board of the land bank to:
(1) approve any purchase, transfer, or lease of real property held by the land bank in an open meeting of the board; and(2) consider any pertinent information before approving the purchase, transfer, or lease including:(A) the assessed value of the real property;(B) any factors that may affect the current value of the real property; and(C) the financial ability of the person to fulfill the conditions of the purchase, transfer, or lease.Added by P.L. 211-2016, SEC. 1, eff. 7/1/2016.