Title 28, FINANCIAL INSTITUTIONS

Sec. 2. At the organizational meeting, the directors shall complete the organization of the corporation by electing or appointing officers, adopting bylaws, and carrying on any other business brought before the meeting. As added by P.L.14-1992, SEC.162.

Sec. 3. Any action that could be taken at an organizational meeting may be taken without a meeting if the action taken is evidenced by one (1) or more written consents that describe the action taken and that are signed by each initial director. As added by P.L.14-1992, SEC.162.

Sec. 4. An organizational meeting may be held only in Indiana. As added by P.L.14-1992, SEC.162.

Sec. 1. At least one (1) shareholder may create a voting trust, conferring on a trustee the right to vote or otherwise act for the shareholders by signing an agreement setting out the provisions of the trust that: (1) may include anything consistent with the trust's purpose; and …

Sec. 2. When a voting trust agreement is signed, the trustee shall prepare a list of the names and addresses of all owners of beneficial interests in the trust, together with the number and class of shares each transferred to the trust, and deliver copies of the list and agreemen…

Sec. 3. A voting trust becomes effective on the date the first shares subject to the trust are registered in the trustee's name. A voting trust may not be made irrevocable for a period of more than ten (10) years after the effective date of the trust unless the voting or consenti…

Sec. 4. If an irrevocable voting trust is extended in accordance with section 3 of this chapter, the voting trustee must deliver copies of the extension agreement and list of beneficial owners to the corporation's principal office. An extension agreement binds only those parties …

Sec. 5. (a) At least two (2) shareholders may provide for the manner in which the shareholders will vote their shares by signing an agreement for that purpose. A voting agreement created under this section is not subject to sections 1 through 4 of this chapter. (b) A voting agree…

Sec. 1. (a) A corporate fiduciary is prohibited from entering into any transaction that would be prohibited for a bank under IC 28-1-18.2. (b) The department has the same: (1) powers of investigation; and (2) enforcement authority; concerning corporate fiduciaries and their affil…

Sec. 2. (a) The department may in any year require a corporate fiduciary to prepare and submit as many statements of condition as the department considers necessary. (b) Statements of condition required by the department under this section must be: (1) verified; and (2) prepared …

Sec. 3. (a) A corporate fiduciary that: (1) fails to prepare and submit a statement of condition required by the department under section 2 of this chapter; or (2) violates any order of the department with respect to a statement of condition required by the department under secti…

Sec. 4. A corporate fiduciary is subject to the reporting requirements concerning shortages and irregularities that are set forth in IC 28-13-10-10(e). As added by P.L.262-1995, SEC.90. Amended by P.L.63-2001, SEC.29 and P.L.134-2001, SEC.31.

Sec. 5. (a) A corporate fiduciary that engages in the trust business in Indiana shall maintain an office or a place of business in Indiana. The office maintained under this subsection shall be known as the principal office, and must be located in a county in which the corporate f…

Sec. 6. A corporate fiduciary that administers common trust funds is subject to 12 CFR 9.18. As added by P.L.262-1995, SEC.90.

Sec. 1. Each deposit account loan of a savings association must be evidenced by a note and a pledge of the deposit account. As added by P.L.193-1997, SEC.2.

Sec. 1. (a) The powers of a savings bank set forth in this chapter are subject to the rules of the department. (b) A rule adopted under this chapter may apply to one (1) or more savings banks or to one (1) or more localities in Indiana as the department determines. As added by P.…

Sec. 11. (a) As used in this section, "community based economic development" refers to activities that seek to address economic causes of poverty within specific geographic areas, revitalizing the economic and social base of low income communities through activities that include:…

Sec. 12. (a) A savings bank may purchase, hold, and convey real estate that is necessary for the convenient transaction of the business of the savings bank. (b) For the purposes of this section, real estate purchased or held for the convenient transaction of the business of a sav…

Sec. 13. A savings bank may not pay: (1) interest contracted for with a depositor; or (2) other expenses incurred in operating the business of the savings bank; except from current earnings or undivided profits without the approval of the department. As added by P.L.42-1993, SEC.…

Sec. 2. (a) A savings bank may make loans and advances of credit and purchases of obligations representing loans and advances of credit that are eligible for insurance by the federal housing administrator and to obtain such insurance. (b) An Indiana law: (1) prescribing the natur…

Sec. 3. (a) A savings bank may make loans secured by mortgages on real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance. (b) An Indiana law: (1) prescribing the nature, amount, or form of security; (…

Sec. 4. (a) A savings bank may purchase, invest in, and dispose of any of the following: (1) Notes or bonds secured by mortgage or trust deed insured by the federal housing administrator. (2) Debentures issued by the federal housing administrator. (3) Bonds or other securities is…

Sec. 5. (a) A savings bank may extend credit to any state agency, with the approval of the department, notwithstanding any other provisions or limitations of IC 28-1. (b) An Indiana law: (1) prescribing the nature, amount, or form of security; (2) requiring security upon which lo…

Sec. 6. (a) A savings bank may purchase, take, hold, and dispose of notes and mortgages securing the notes, made to any incorporated joint stock land bank if not less than ninety-nine percent (99%) of the stock of the joint stock land bank is owned by the savings bank at the time…

Sec. 7. Subject to any restrictions the department may impose, a savings bank may: (1) become the owner or lessor of personal or real property upon the request of and for the use of a customer; and (2) incur additional obligations incident to becoming an owner or a lessor of the …

Sec. 8. (a) A savings bank may purchase or construct buildings and hold legal title to a building to be leased to a municipal corporation or other public authority, for public purposes, having resources sufficient to make payment of all rentals as the payments become due. (b) A l…

Sec. 9. (a) Subject to the prior written approval of the department, a savings bank may purchase, hold, and convey real property that is: (1) improved or to be improved by a single, freestanding building; and (2) to be used, in part, as a branch of the savings bank and, in part, …

Sec. 1. A mutual holding company may convert from mutual to stock form in accordance with a plan of conversion approved by the department under procedures substantially the same as for the conversion of a mutual savings bank contained in IC 28-1-21.9. As added by P.L.122-1994, SE…

Sec. 2. (a) The department may file a petition with the federal bankruptcy court requesting the liquidation of a mutual holding company under 12 U.S.C. 1467(a)(o)(9) and Title 11, United States Code, upon: (1) the default of the resulting savings bank, any acquiree savings bank, …

Sec. 3. IC 28-11-3 applies to a mutual holding company in the same manner it applies to a savings bank. As added by P.L.122-1994, SEC.101.

Sec. 4. Solicitations of proxies by any person in connection with any membership vote required under this chapter must be accompanied by proxy materials in a form appropriate to, and containing the information relevant to, the action that members are being asked to approve. As ad…

Sec. 5. Whenever a mutual savings bank or mutual holding company is required by this chapter to obtain membership approval for a transaction, the savings bank or mutual holding company may use any existing proxy conferring general authority to vote on any and all matters at any m…

Sec. 6. A mutual holding company organized under the laws of the United States may convert to a mutual holding company organized under this article in accordance with a plan of conversion approved by the department that is substantially the same as a plan of a mutual bank convers…

Sec. 7. The department may adopt rules under IC 4-22-2 or adopt policies necessary to implement this chapter. As added by P.L.122-1994, SEC.101.

Sec. 0.5. As used in this chapter, "corporation" means: (1) a bank; (2) a trust company; (3) a corporate fiduciary; (4) a savings bank; (5) a savings association; (6) an industrial loan and investment company that maintains federal deposit insurance; or (7) a credit union. As add…

Sec. 0.7. As used in this chapter, "shareholder", with respect to a: (1) mutual savings bank; (2) mutual savings association; or (3) credit union; refers to a member of the mutual savings bank, mutual savings association, or credit union, as applicable. As added by P.L.27-2012, S…

Sec. 1. A corporation may sell, lease, exchange, or otherwise dispose of all or substantially all of its property and assets, including good will, by complying with the provisions of this chapter. Formerly: Acts 1933, c.40, s.137. As amended by P.L.263-1985, SEC.37; P.L.122-1994,…

Sec. 2. (a) A sale, lease, exchange, or other disposition described in section 1 of this chapter must first be proposed by the board of directors by the adoption of a resolution that: (1) sets forth the terms and conditions of the sale, lease, exchange, or other disposition; and …

Sec. 3. (a) Before a proposed disposition described in section 1 of this chapter is submitted to a vote of the shareholders, the resolution proposing the disposition shall be submitted for the approval of the department. (b) Subject to section 5(d) of this chapter, and any approv…

Sec. 4. If a resolution proposing a disposition described in section 1 of this chapter is approved by the department, the resolution may then be submitted to the shareholders at the annual meeting or a special meeting. The resolution shall be authorized upon receiving the affirma…

inapplicability to credit unions, mutual savings banks, and mutual savings associations Sec. 5. (a) This section does not apply to a shareholder of a credit union that is the subject of a proposed transaction concerning the sale, lease, exchange, or other disposition of the credi…

Sec. 6. (a) Subject to the approval of the department, a corporation may purchase all or substantially all of the assets of one (1) or more other corporations that are organized or reorganized under the laws of any state (as defined in IC 28-2-17-19) or the United States. (b) Aft…

Sec. 1. A corporation may not transact any business or incur any indebtedness, except as is incidental to its organization or to obtaining subscriptions to or payment for shares of its capital stock, unless and until the following requirements are met: (1) The amount of capital o…

Sec. 2. If a corporation transacts any business in violation of section 1 of this chapter, the officers and directors of the corporation, upon learning of the action, are jointly and severally liable for the debts or liabilities of the corporation so incurred or arising from the …

Sec. 3. If a corporation organized under this title does not complete its organization and proceeds with the transaction of business within six (6) months after its articles of incorporation have been approved and filed, the approval is revoked and the articles of incorporation a…

Sec. 1. For purposes of this chapter, "shareholder" includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the owner's behalf. As added by P.L.14-1992, SEC.163.