Indiana Code 28-6.1-17-1. Grounds for seizure of business and property
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Sec. 1. The department may take possession of the business and property of a savings bank if any of the following occur:
(2) The department determines that the board or officers of the savings bank are mismanaging the savings bank’s affairs.
(1) The savings bank fails for thirty (30) days to pay any of its depositors as required by law.
Terms Used In Indiana Code 28-6.1-17-1
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) Any of the conditions described in IC 28-1-3.1-2 apply to the savings bank.
As added by P.L.42-1993, SEC.72.