Indiana Code 28-3-2-4. Termination of corporate status of state bank merged or consolidated with national banking association
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Terms Used In Indiana Code 28-3-2-4
- bank or trust company: means any bank or trust company organized under the provisions of any statute of this state; and
Indiana Code 28-3-2-9
- 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.
- national banking association: means any national bank organized under the laws of the United States. See Indiana Code 28-3-2-9
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 4. Whenever any bank or trust company shall have merged or consolidated with a national banking association, such bank or trust company shall thereupon cease to be a corporation under the laws of this state, except that for a term of three (3) years thereafter its corporate existence shall be deemed to continue for the purpose of prosecuting or defending suits by or against it, and of enabling it to close its concerns, and to dispose of and convey its property.
Formerly: Acts 1953, c.69, s.4.