INDIANAPOLIS -- Legislative leaders may seek a more formalized transfer of Gov. Frank O'Bannon's powers to Lt. Gov. Joe Kernan as early as Wednesday.

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The formal, constitutional process would give Kernan (pictured, left) powers as acting governor, although Kernan said Tuesday that he believed Indiana's Constitution allowed him to conduct the state's business without such action. He said the move would be up to legislative leaders.

"The constitution is designed specifically so that the other two branches of government are engaged in this decision, so I won't influence it and I won't encourage it," Kernan told reporters.

Kernan said Tuesday he was working to update his knowledge on a number of state issues as he assumes the role of acting governor in light of Gov. Frank O'Bannon's apparent stroke.

O'Bannon, who had surgery to remove blood from his brain Monday after being found unconscious in a Chicago hotel room, was still in critical condition on life-support equipment and in an induced coma Wednesday.

"The thing that remains on my mind ... is the well-being of the governor," Kernan said

Kernan said he had taken only a few official actions in O'Bannon's place, including signing a few documents. The paperwork included an agreement between state and federal emergency relief officials.

A lingering state budget deficit and sluggish tax revenues are some of the issues Kernan could tackle while O'Bannon is incapacitated. State Budget Director Marilyn Schultz, however, said no current, major fiscal issues immediately needed Kernan's attention.

"We're heading into the third month of the fiscal year, and we've had some disappointments in terms of revenue, but I think it's early enough that we don't contemplate having any major decision to make in the foreseeable future," Schultz told RTV6's Norman Cox.

A 60-day stay of execution O'Bannon granted so DNA testing could be conducted in a death-row inmate's case was to expire later this month. O'Bannon spokeswoman Mary Dieter said the Supreme Court would not set a new execution date without a governor's order, and that decision likely would fall to Kernan.

Indiana's constitution allows for a lieutenant governor to temporarily exercise powers as acting governor if the governor is incapacitated. If, as in this case, the governor doesn't make arrangements beforehand, a petition must be filed to the Indiana Supreme Court by the Senate's president pro tem and the speaker of the House.

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The state's high court would then decide on a transfer of power. If it is given, the lieutenant governor would serve as acting governor through the end of the term unless the governor seeks to resume leadership.

Senate President Pro Tem Robert Garton said he and the House speaker were waiting for three things before starting the transfer-of-power process: First, a written medical report on O'Bannon's condition; second, approval from first lady Judy O'Bannon; and third, lawyers' assurances that even if O'Bannon were incapacitated through the end of his term in January 2005, the transfer would still be considered temporary, allowing O'Bannon to remain governor and Judy O'Bannon to remain first lady until the term ends.

O'Bannon, a Democrat, is in the third year of a second four-year term. By law, he cannot seek re-election.

Kernan said he had not reconsidered his decision last year to forgo seeking the Democratic nomination for governor in 2004 and did not anticipate doing so.

Kernan said it was "too early to tell" when asked about reports that it could take O'Bannon months to return to his political duties if he recovers.

"That is going to be a medical determination that will be made at some point. We are all hopeful it's not going to be that long," Kernan said. "I think you prepare for the worst, but we don't have anything to indicate at this point that that will be the case."

Kernan decided not to cancel a forum on economic development that he and O'Bannon planned to host Wednesday in Indianapolis. However, the governor's office canceled a news conference on weatherization scheduled for Tuesday.

Stay with RTV6 and TheIndyChannel.com for updates as they become available.