Title 28, FINANCIAL INSTITUTIONS

Sec. 6. If proposed as part of a reorganization plan, a stock issuance plan may be amended or terminated in the same manner as the reorganization plan under IC 28-6.2-2-11. As added by P.L.122-1994, SEC.101.

Sec. 7. A stock issuance plan will be terminated if not completed within the time specified in the plan unless an extension is: (1) requested in writing for good cause shown; and (2) approved in writing by the department. As added by P.L.122-1994, SEC.101.

Sec. 8. A stock issuance plan may provide the following: (1) The offering may be commenced concurrently with or after the mailing of any proxy statements to the members of the reorganizing savings bank and any acquiree savings bank if the stock issuance is part of a reorganizatio…

Sec. 1. Any and all reorganizations by financial institutions organized before March 10, 1941, under any statute of this state under and pursuant to the provisions of IC 28-1, including, but not by way of limitation, reorganizations under and pursuant to the provisions of IC 28-1…

Sec. 2. Any bank or trust company organized under any statute of this state may amend its articles of incorporation in the manner prescribed in IC 28-13-14. Any bank or trust company electing to amend its articles of incorporation in such manner may, among other things, provide t…

Sec. 1. (a) Upon receipt of the notice required under IC 28-9-3-3(b)(1), a depository financial institution shall place a hold on the deposit account described in the notice the amount in controversy that is specified by the notice. (b) If within three (3) working days after rece…

Sec. 2. (a) Upon receipt from an adverse claimant who is a money judgment creditor of the documents and process required under IC 28-9-3-4(d), a depository financial institution shall: (1) deduct and obtain from the deposit account the full amount of the fee specified in section …

Sec. 3. (a) This section applies to a depository financial institution that is required to place a hold on a deposit account under section 2(a) of this chapter. (b) Immediately prior to the placing of a hold on a deposit account under section 2(a) of this chapter, the depository …

Sec. 1. (a) Except as provided in subsection (b), IC 4-21.5 does not apply to a proceeding under this chapter. (b) IC 4-21.5-5 applies to judicial review of a final order of the department under this chapter. As added by P.L.33-1991, SEC.56.

Sec. 10. The director may enforce any of the following by applying for appropriate relief to a court having jurisdiction: (1) An order issued under this chapter. (2) A written agreement entered into by the department or the director and: (A) a financial institution; or (B) any di…

Sec. 11. An individual who: (1) is suspended or prohibited from participating in the conduct of the affairs of a financial institution under section 6 or 7 of this chapter; and (2) after the suspension or prohibition knowingly or intentionally participates, directly or indirectly…

Sec. 12. (a) The director of the department may exercise the enforcement powers of this chapter against an affiliate of a financial institution, or against an officer, a director, or an employee of the affiliate, as if the affiliate were a financial institution if the director de…

Sec. 2. If the director has reasonable cause to believe that a financial institution: (1) has engaged, is engaging, or will engage in an unsafe or unsound practice in conducting the business of the financial institution; or (2) has violated, is violating, or will violate a: (A) s…

Sec. 3. (a) If the director determines that a current or former director, officer, or employee of a financial institution has: (1) committed a violation of a statute, a rule, a final cease and desist order, any condition imposed in writing by the director in connection with the g…

Sec. 4. (a) A notice issued under this chapter must: (1) contain a statement of the facts constituting the alleged practice, violation, or breach; (2) state the facts alleged in support of the violation, practice, or breach; (3) state the director's intention to enter an order un…

Sec. 5. If the director of the department enters into a consent to a final order under section 7 of this chapter with a financial institution, director, officer, or employee, the director is not required to issue and serve a notice of charges upon the financial institution, direc…

Sec. 6. (a) If the director determines that an alleged practice, a violation, or an act specified in a notice served under this chapter is likely to: (1) cause insolvency of the financial institution; (2) cause substantial dissipation of assets or earnings of the financial instit…

Sec. 7. (a) If, after a hearing held under section 4(b) of this chapter, the department finds that the conditions specified in section 2 or 3 of this chapter have been established, the department may issue a final order. If a hearing is not requested within the time specified in …

Sec. 8. (a) A final order issued under this chapter is effective: (1) on the date specified in the order; or (2) ten (10) days after service of the order, if an effective date is not specified in the order. A final order issued upon consent under section 7(e) of this chapter is e…

Sec. 9. (a) A civil penalty imposed on a director or an officer under section 7 of this chapter may not exceed one thousand dollars ($1,000) per day for each practice, violation, or act found to exist in the final order. (b) In determining the amount of a civil penalty assessed u…

Sec. 1. The articles of incorporation submitted to the department for approval must be accompanied by the following: (1) An application in the form prescribed by the department and containing such information as the department may require. (2) The deposit of money in an amount de…

Sec. 1. A board of directors may authorize and the corporation may make distributions to the corporation's shareholders subject to restriction by the articles of incorporation and the limitations in section 3 of this chapter. As added by P.L.14-1992, SEC.163.

Sec. 2. The board of directors may fix a record date, declaration date, and payment date with respect to any share dividend or distribution to the shareholders of the corporation. If the board of directors does not fix the record date for determining shareholders entitled to a di…

Sec. 3. (a) A corporation may declare a dividend of so much of the undivided profits of the corporation as is considered expedient by the board of directors. (b) A corporation must obtain the approval of the department for the payment of a dividend if the total of all dividends d…

Sec. 4. A corporation may not, during the time it continues in business as such, withdraw or authorize or permit to be withdrawn any portion of the capital stock in the form of dividends or otherwise. As added by P.L.14-1992, SEC.163. Amended by P.L.262-1995, SEC.85; P.L.258-2003…

Sec. 5. (a) A corporation may not declare or pay any dividends to its shareholders in any form if, by the payment of the dividends, its capital stock will be thereby impaired. (b) Unless approved by the director, a corporation may not pay a dividend in an amount greater than the …

Sec. 7. (a) The department may, if the department considers it necessary for the protection of the depositors, require any bank or trust company, savings bank, or savings association to increase the capital and surplus or to reduce the amount of the deposits of the bank or trust …

Sec. 9. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is on a parity with the corporation's indebtedness to the corporation's general, unsecured creditors except to the extent subordinated by agreement. As …

Sec. 1. (a) A corporate fiduciary has the power to purchase, hold, and convey real estate as necessary for the convenient transaction of its business. (b) Real property that may be purchased or held for the convenient transaction of the business of a corporate fiduciary includes …

Sec. 2. (a) If real property referred to in section 1(b)(3) of this chapter is held for one (1) year without being used by the corporate fiduciary as an office or a facility, the board of directors of the corporate fiduciary shall state by resolution definite plans for the use of…

Sec. 3. Real property referred to in section 1(b)(3) of this chapter may not be held for more than three (3) years without being used as a corporate fiduciary office or a facility, unless: (1) the board of directors by resolution: (A) reaffirms annually that the corporate fiducia…

Sec. 4. Real property referred to in section 1(b)(3) of this chapter may not be held for more than ten (10) years without being used as a corporate fiduciary office or facility unless the director consents in writing to the continued holding of the real estate by the corporate fi…

Sec. 5. The sum that a corporate fiduciary invests in real estate and buildings used for the convenient transaction of its business shall not exceed fifty percent (50%) of the capital and surplus of the corporate fiduciary, exclusive of undivided profits of the corporate fiduciar…

Sec. 6. Investments by a corporate fiduciary under this chapter may be made in the stock of a corporation that is organized to own and hold the real property and building occupied and used wholly or in part by the corporate fiduciary. As added by P.L.262-1995, SEC.90.

Sec. 1. A person becomes a depositor when the person is accepted by the savings association. As added by P.L.193-1997, SEC.2.

Sec. 2. The board of directors of a savings association may determine the terms and conditions of accepting deposits and making withdrawals. As added by P.L.193-1997, SEC.2.

Sec. 3. All deposit accounts in a mutual association are assessable only to the extent of their withdrawal value. As added by P.L.193-1997, SEC.2.

Sec. 4. (a) Deposit accounts are eligible investments for trust funds administered by a savings association. (b) As a fiduciary, a savings association must comply with the provisions of IC 30-4-3-7. (c) A fiduciary has all rights and privileges of a member of a mutual savings ass…

Sec. 1. A savings bank may pay its officers, board members, and employees reasonable compensation for services rendered that the board of the savings bank determines. As added by P.L.42-1993, SEC.72.

Sec. 2. A savings bank may purchase group insurance and provide retirement or pension plans for its officers and employees, with or without the officers' or employees' participation in the cost of the insurance or plans. As added by P.L.42-1993, SEC.72.

Sec. 3. (a) A savings bank that has accumulated a surplus of at least five percent (5%) upon its deposits may pay board members who render special personal service (beyond the ordinary duty of attending meetings and serving upon committees other than of examination) compensation …

Sec. 4.1. (a) The provisions concerning indemnification of directors set forth in IC 28-13-13 shall apply to savings banks formed before January 1, 1993. (b) In the application of IC 28-13-13 to a savings bank formed before January 1, 1993, references in IC 28-13-13 to "directors…

Sec. 1. (a) The articles of reorganization of a mutual holding company must: (1) be in a form approved by the director; and (2) contain the elements set forth in IC 28-12-2-1. (b) The director may establish and require a specific form for the articles of reorganization of a mutua…

Sec. 2. The articles of reorganization of a mutual holding company and any amendments to them must be filed with and approved by the department in the manner established in IC 28-12-5. As added by P.L.122-1994, SEC.101.

Sec. 3. The articles of reorganization of a mutual holding company must provide the following: (1) On the effective date of reorganization or acquisition: (A) the owners of deposit accounts and borrowers in the resulting or acquiree savings bank become members of the mutual holdi…

Sec. 4. The effective date of the articles of reorganization and amendments to the articles of reorganization must be the date of recording in the office of the secretary of state, unless a delayed effective date is specified in the articles of reorganization. As added by P.L.122…