Indiana Code 5-10.2-2-13. Custodial agreements for securities; servicing of mortgages; securities lending program
(b) The agreement may contain such terms as the board considers desirable including:
Terms Used In Indiana Code 5-10.2-2-13
- Board: as used in this article , means the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.2-1-1
- 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.
- Fund: as used in this article means the Indiana state teachers' retirement fund and the public employees' retirement fund. See Indiana Code 5-10.2-1-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(2) the payment of taxes, fees of the custodian, and other expenses and payments required in connection with the securities and investments.
(c) Any person, firm, limited liability company, or corporation authorized to service mortgage loans guaranteed by the federal housing administration may be authorized by the board to service a mortgage loan held by the fund.
(d) The board may authorize its custodian to enter into a securities lending program agreement, under which the securities held by each fund may be loaned in order to provide revenue to the fund. Such an agreement must require that collateral be pledged in excess of the total market value of the loaned securities.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1980, P.L.28, SEC.3; P.L.8-1993, SEC.55; P.L.35-2012, SEC.38.