Qualifications of trustees

Sec. 4. An individual must have the following qualifications to be a trustee: (1) The individual must be a citizen of Indiana for at least five (5) years before becoming a trustee. (2) The individual must have an equity in real estate: (A) located in the county in which the savings bank is located; and (B) worth at least five thousand dollars ($5,000), the value of which is determined by two (2) individuals designated by the court. (3) The individual must in all respects be a suitable individual to be entrusted with the management of a savings bank. As added by P.L.42-1993, SEC.72.