Indiana Code 28-2-14-3. Bank holding company
(b) For the purposes of this chapter:
Terms Used In Indiana Code 28-2-14-3
- bank: means a financial institution:
Indiana Code 28-2-14-2
- bank holding company: means any company that controls one (1) or more banks. See Indiana Code 28-2-14-3
- company: means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization, domestic or foreign. See Indiana Code 28-2-14-5
- control: means directly or indirectly:
Indiana Code 28-2-14-6
- department: refers to the department of financial institutions created under IC 28-11-1-1. See Indiana Code 28-2-14-7
- Fiduciary: A trustee, executor, or administrator.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) a company is not a bank holding company by virtue of its ownership or control of shares that are acquired by the company in connection with its underwriting of securities and that are held only for such a period of time as will permit the sale of the shares on a reasonable basis;
(3) a company formed for the sole purpose of participating in a proxy solicitation is not a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation; and
(4) a company is not a bank holding company by virtue of its ownership or control of shares acquired in securing or collecting a debt previously contracted in good faith, until two (2) years after the date of acquisition.
The department may extend, from time to time but for not more than one (1) year at a time, the two (2) year period referred to in subdivision (4), but the extensions may not, in the aggregate, exceed three (3) years.
(c) For the purposes of this chapter, any successor to a bank holding company is a bank holding company from the date as of which the predecessor company became a bank holding company.
As added by P.L.265-1985, SEC.4.