Title 28, FINANCIAL INSTITUTIONS

Sec. 1. (a) The board of directors may hold regular or special meetings in or out of Indiana. (b) Unless the articles of incorporation or bylaws provide otherwise, the board of directors may permit any or all directors to participate in a regular or special meeting by, or conduct…

Sec. 10. (a) In the event of a commission of a crime or apparent commission of a crime it shall be the responsibility of the corporation to ensure compliance with Part 353 of the Federal Deposit Insurance Corporation rules and regulations. (b) Reporting of a crime under Part 353 …

Sec. 11. (a) A corporation shall retain its business records under this section for the period required by this section. (b) A corporation shall permanently retain: (1) minute books of meetings of shareholders and directors; (2) the capital stock ledger and capital stock certific…

Sec. 2. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this article to be taken at a board of directors meeting may be taken without a meeting if the action is taken by all members of the board. The action must be evidenced b…

Sec. 3. (a) Unless the articles of incorporation or bylaws provide otherwise, regular meetings of the board of directors may be held without notice of the date, time, place, or purpose of the meeting. (b) Unless the articles of incorporation or bylaws provide for a longer or shor…

Sec. 4. (a) A director may waive any notice required by this article, the articles of incorporation, or bylaws before or after the date and time stated in the notice. Except as provided by subsection (b), the waiver must be in writing, signed by the director entitled to the notic…

Sec. 5. (a) Unless the articles of incorporation or bylaws require a greater number, a quorum of a board of directors consists of: (1) a majority of the fixed number of directors if the corporation has a fixed board size; or (2) a majority of the number of directors prescribed un…

Sec. 6. (a) Unless the articles of incorporation or bylaws provide otherwise, a board of directors may create at least one (1) committee and appoint members of the board of directors to serve on the committees. Each committee may have at least one (1) member, who serves at the pl…

Sec. 7. (a) In addition to such other duties as may be imposed upon the directors by this article, the directors shall keep a record of the attendance of directors at meetings of the board. (b) The directors shall make a report showing the following: (1) The names of the director…

Sec. 8. The board of directors shall cause the corporation to be examined one (1) time each calendar year by a certified public accountant. The board of directors shall submit the examination and a complete statement of the condition of the corporation to the department. The depa…

Sec. 9. (a) As used in this section, "emergency" means: (1) any condition or occurrence that: (A) may interfere physically with the conduct of normal business operations; or (B) poses an imminent or existing threat to the safety or security of persons, property, or both persons a…

Sec. 1. As used in this chapter, "foreign savings association" means: (1) a savings association: (A) that is organized or reorganized under the laws of any other state or territory of the United States, including the District of Columbia; and (B) whose home office is located outs…

Sec. 2. As used in this chapter, "foreign savings association holding company" means a savings association holding company whose principal place of business is located outside Indiana. As added by P.L.193-1997, SEC.2.

Sec. 3. As used in this chapter, "Indiana savings association" means: (1) a savings association whose home office is located in Indiana; or (2) a federal savings association whose home office is located in Indiana. As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.15.…

Sec. 4. As used in this chapter, "Indiana savings association holding company" means a savings association holding company whose principal place of business is located in Indiana. As added by P.L.193-1997, SEC.2.

Sec. 5. (a) An Indiana savings association holding company is entitled to acquire one (1) or more: (1) foreign savings associations; or (2) foreign savings association holding companies; after the department grants the application of the holding company for approval of the propos…

Sec. 6. (a) A foreign savings association holding company is entitled to acquire one (1) or more: (1) Indiana savings associations; or (2) Indiana savings association holding companies; after the department grants the application of the foreign savings association holding company…

Sec. 7. (a) The acquisition of a foreign savings association by an Indiana savings association holding company under section 5 of this chapter includes the acquisition of all the branches owned by the foreign savings association. (b) The acquisition of the holding company of a fo…

Sec. 8. (a) The acquisition of an Indiana savings association under section 6 of this chapter includes the acquisition of all subsidiaries of the Indiana savings association. (b) The acquisition of the holding company of an Indiana savings association under this chapter includes …

Sec. 9. (a) If federal law requires a savings association or savings association holding company to submit an application to a federal agency before an acquisition under this chapter, the savings association or savings association holding company must comply with federal law and …

Sec. 1. The limitations imposed by this chapter do not apply to the following: (1) Direct or indirect obligations of the United States. (2) Direct obligations of a United States territory or insular possession. (3) Direct obligations of the state or a municipal corporation or tax…

Sec. 10. (a) As used in this section, "bank" has the meaning set forth in IC 28-2-14-2. (b) As used in this section, "banker's bank" means a bank that satisfies both of the following: (1) The stock of the bank is owned exclusively by: (A) other banks; or (B) a bank holding compan…

Sec. 11. (a) Notwithstanding any other provision of this article, a savings bank may invest in a casualty insurance company organized solely for the purpose of insuring banks, trust companies, and bank holding companies and their officers and directors from and against liabilitie…

Sec. 12. A savings bank may establish or acquire a subsidiary that engages in either of the following: (1) The sale, distribution, or underwriting of securities issued by investment companies (as defined in Section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3)). (2) T…

Sec. 13. A savings bank may establish a trading account for the purchase and resale of securities that are otherwise eligible for purchase or resale by the savings bank. The trading account must comply with the requirements established by policy or rule of the department. As adde…

Sec. 14. The department may define an investment security by department policy or by rule. As added by P.L.42-1993, SEC.72.

Sec. 15. A savings bank that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes. As added by P.L.176-1996, SEC.21.

Sec. 2. As used in this section, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired retained earnings, subordinated debt that has been approved by state or federal regulatory agencies, and one hundred percent (100%) of loan reserves. As added by…

Sec. 3. Except as otherwise provided in this article, a savings bank may deal in investment securities only by purchasing and selling securities without recourse, solely upon the order and for the account of customers. As added by P.L.42-1993, SEC.72.

Sec. 4. Except as otherwise provided in this article, a savings bank may not deal in investment securities for its own account. As added by P.L.42-1993, SEC.72.

Sec. 5. A savings bank may not underwrite or guarantee all or a part of an issue of securities other than obligations issued or guaranteed by or on behalf of the state, a political subdivision of the state, or an agency or instrumentality of the state or of a political subdivisio…

account under department rules; limitation on investment securities Sec. 6. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell investment securities under limitations and restrictions the department prescribes by regulation, rule, policy, or g…

Sec. 7. A savings bank may purchase for its own account and sell shares of stock in federal or state chartered small business investment companies that have received a permit or license to operate under the federal Small Business Investment Act, subject to the limitations and res…

Sec. 8. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell obligations, commonly known as collateralized mortgage obligations, that are eligible for purchase and sale by national banking associations. (b) A savings bank may purchase for its ow…

Sec. 8.5. (a) A savings bank may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security …

Sec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith. (b) A savin…