2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 12. FORMATION OF BANKS, TRUST COMPANIES, AND BUILDING AND LOAN ASSOCIATIONS CHAPTER 11. CAPITAL REQUIREMENTS FOR CORPORATIONS
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IC 28-12-11
Chapter 11. Capital Requirements for Corporations
IC 28-12-11-1
Requirements for corporations organized or reorganized under
this title
Sec. 1. (a) This section applies only to a corporation that is
organized or reorganized under Indiana law and is any of the
following:
(1) A bank and trust company.
(2) A bank.
(3) A savings bank.
(4) A trust company.
(5) A savings association.
(6) An industrial loan and investment company.
(7) A credit union.
(8) A corporate fiduciary.
(9) A bank of discount and deposit.
(10) A loan and trust and safe deposit company.
(b) The department shall determine the minimum amount of the
capital of a corporation organized or reorganized under this title after
giving consideration to:
(1) the potential deposit liability to be anticipated, in the case of
a proposed new corporation; or
(2) the existing deposit liability, in the case of a corporation to
be reorganized.
As added by P.L.42-1993, SEC.92. Amended by P.L.122-1994,
SEC.117; P.L.258-2003, SEC.24; P.L.213-2007, SEC.101;
P.L.217-2007, SEC.99.
IC 28-12-11-1.5
Minimum capital
Sec. 1.5. (a) A corporate fiduciary must have at least the minimum
capital necessary for the safe and sound operation of the corporate
fiduciary.
(b) For the purposes of this section, the department shall
determine the minimum capital that is necessary for the safe and
sound operation of a corporate fiduciary.
As added by P.L.262-1995, SEC.83.
IC 28-12-11-2
Requirements for corporations merged with existing corporations
Sec. 2. (a) This section applies only to a corporation that is
organized or reorganized under Indiana law and is any of the
following:
(1) A bank and trust company.
(2) A bank.
(3) A savings bank.
(4) A trust company.
(5) A savings association.
(6) An industrial loan and investment company.
(7) A credit union.
(8) A corporate fiduciary.
(9) A bank of discount and deposit.
(10) A loan and trust and safe deposit company.
(b) Notwithstanding section 1 of this chapter, the amount of
capital stock of a corporation to be organized under this title shall be
one hundred dollars ($100) if an existing corporation will be merged
into or otherwise acquired by the corporation for which application
has been made.
(c) The new corporation may not transact business before the
merger except as incidental to the merger.
(d) Before completion of the merger, the department may conduct
any examination into the affairs and records of any party to the
merger, as determined by the director to be necessary.
(e) Upon completion of the merger, the resulting corporation is
subject to the paid-in capital requirement of this title.
As added by P.L.42-1993, SEC.92. Amended by P.L.122-1994,
SEC.118; P.L.213-2007, SEC.102; P.L.217-2007, SEC.100.
IC 28-12-11-3
Requirements for savings associations organized or recognized
under this title
Sec. 3. The department shall determine the capital stock
requirements of a savings association organized or reorganized under
this title after giving consideration to the following:
(1) In the case of a proposed new savings association, the
potential deposit liability anticipated.
(2) In the case of a savings association to be reorganized, the
existing deposit liability.
As added by P.L.42-1993, SEC.92. Amended by P.L.79-1998,
SEC.88.
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