Indiana Code 36-7-18-19. Investment of funds; cancellation of indebtedness
(1) property or securities in which savings banks may invest money subject to their control;
Terms Used In Indiana Code 36-7-18-19
- 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
(3) the shares of any savings association that is organized under Indiana statutes and the accounts of which are insured by the Federal Deposit Insurance Corporation as provided in 12 U.S.C. § 1811 through 1833e, as in effect on December 31, 1990.
However, the value of shares purchased under subdivision (2) or (3) may not exceed the amount of insurance protection afforded a member or investor of the association.
(b) A housing authority may cancel its bonds, notes, or warrants after purchasing them for not more than their principal amount plus accrued interest.
[Pre-Local Government Recodification Citation: 18-7-11-8(e).]
As added by Acts 1981, P.L.309, SEC.37. Amended by P.L.8-1991, SEC.36; P.L.79-1998, SEC.108.