Sec. 3. (a) Except with the approval of the department, the sum invested in real property used for the convenient transaction of business may not exceed fifty percent (50%) of the unimpaired capital stock, surplus, and retained earnings of the savings bank.

     (b) The investment may be made in the stock of a corporation organized to own and hold the real property occupied and used wholly or in part by the savings bank.

As added by P.L.42-1993, SEC.72.

Terms Used In Indiana Code 28-6.1-11-3

  • 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.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  Previous section
Next section  
 Chapter 11 Contents