Indiana Code 28-1-31-10. Resulting commercial bank may wind up activities and retain assets
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Sec. 10. The department may authorize the resulting commercial bank to do the following:
(2) Retain any assets that are legally held by the out-of-state financial institution at the effective time of the charter conversion but that may not be held by commercial banks for a transitional period.
(1) Wind up any activities that are legally engaged in by the out-of-state financial institution at the time of charter conversion but that are not permitted to commercial banks.
Terms Used In Indiana Code 28-1-31-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- charter conversion: means the conversion of an out-of-state financial institution to a commercial bank. See Indiana Code 28-1-31-1
- commercial bank: means a bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-31-2
- department: means the department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-31-3
- effective time of the charter conversion: means :
Indiana Code 28-1-31-4
- out-of-state financial institution: means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18. See Indiana Code 28-1-31-5
The terms and conditions of the transitional period under subdivisions (1) and (2) are at the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.
As added by P.L.1-2006, SEC.490.