Sec. 20. (a) Except as expressly permitted by federal law, a bank holding company that is not:

(1) an Indiana bank holding company; or

Terms Used In Indiana Code 28-2-16-20

  • acquire: means directly or indirectly:

    Indiana Code 28-2-16-1

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • bank: means a financial institution:

    Indiana Code 28-2-16-2

  • bank holding company: means any company that controls one (1) or more banks. See Indiana Code 28-2-16-3
  • company: means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization that has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia. See Indiana Code 28-2-16-5
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • foreign bank holding company: means a bank holding company that has its principal place of business in a state other than Indiana. See Indiana Code 28-2-16-9
  • Indiana bank: means a bank that has its principal office in Indiana. See Indiana Code 28-2-16-11
  • Indiana bank holding company: means a bank holding company that has its principal place of business in Indiana. See Indiana Code 28-2-16-12
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(2) a foreign bank holding company;

may not acquire an Indiana bank or Indiana bank holding company.

     (b) An Indiana bank holding company that ceases to be an Indiana bank holding company, as defined in section 12 of this chapter, or a foreign bank holding company that ceases to be a foreign bank holding company, as defined in section 9 of this chapter, shall within three (3) years divest itself of all Indiana banks and Indiana bank holding companies. However, a foreign bank holding company or Indiana bank holding company may not be required to divest itself of its Indiana banks or bank holding companies because of:

(1) its acquisition of institutions in another state, if the acquisition has been consummated under Section 116 or 123 of the Garn-St. Germain Depository Institutions Act of 1982 (12 U.S.C. § 1730a(m) or 12 U.S.C. § 1823(f));

(2) its acquisition of securities or assets of a bank having banking offices in another state, if the acquisition has been consummated in the regular course of securing or collecting a debt previously contracted in good faith, and if the bank or bank holding company divests itself of the securities or assets acquired within three (3) years of the date of acquisition; or

(3) its acquisition of:

(A) a bank or company organized under the laws of the United States or of any state and operating under Section 25 or Section 25(a) of the Federal Reserve Act, as amended (12 U.S.C. § 601 through 604a or 12 U.S.C. § 611 through 631); or

(B) a bank or bank holding company that was organized under the laws of a foreign country, that is principally engaged in business outside the United States, and that either has no banking office in the United States or has banking offices in the United States that are engaged only in business activities permissible for a bank or corporation operating under Section 25 or 25(a) of the Federal Reserve Act, as amended.

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.44.

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