2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 14. CORPORATE FIDUCIARIES CHAPTER 6. BOOKS AND RECORDS OF CORPORATE FIDUCIARIES
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IC 28-14-6
Chapter 6. Books and Records of Corporate Fiduciaries
IC 28-14-6-1
Access and examination by department
Sec. 1. (a) Books and records of the corporate fiduciary must be
reasonably accessible to the department.
(b) If the records of a corporate fiduciary are located outside
Indiana:
(1) the records shall be made available to the department at a
convenient location within Indiana; or
(2) the corporate fiduciary shall pay the reasonable and
necessary expenses for the department or its representative to
examine the records where they are maintained.
As added by P.L.262-1995, SEC.90.
IC 28-14-6-2
Separate bookkeeping for fiduciary accounts; segregation of
securities and property held for fiduciary accounts
Sec. 2. A corporate fiduciary exercising trust powers or any
powers as a fiduciary shall:
(1) keep, separate and apart from its other business, separate
books and accounts for its fiduciary accounts; and
(2) keep all securities and property that is held for its fiduciary
accounts (other than money) at all times segregated from and
unmingled with its own securities and property.
As added by P.L.262-1995, SEC.90.
IC 28-14-6-3
Fiduciary account information required; timely posting of
activities
Sec. 3. (a) The records of a corporate fiduciary must contain full
information relative to each fiduciary account, including accounting,
correspondence, and legal documentation as needed for the
successful administration of the account.
(b) The records of a corporate fiduciary must meet the following
requirements:
(1) Documentation that accountings are made in accordance
with general trust and probate statutes must be retained by the
corporate fiduciary.
(2) Records must account for cash funds of each account, and
must be constructed in a manner consistent with identification
of cash by its origin and ultimate distribution.
(3) Records must provide information relative to each asset held
for each account, and provide sufficient detail to clearly identify
each asset.
(4) Records must be posted in a manner as timely as activity
levels dictate.
As added by P.L.262-1995, SEC.90.
IC 28-14-6-4
Duty to keep books of account and minutes of corporate
proceedings
Sec. 4. A corporate fiduciary shall keep correct and complete
books of accounts and minutes of the proceedings of shareholders,
directors, executives, and finance committees.
As added by P.L.262-1995, SEC.90.
IC 28-14-6-5
Stock transfer book; shareholders list
Sec. 5. A corporate fiduciary shall keep at its principal office:
(1) an original or a duplicate stock transfer book; or
(2) records setting forth:
(A) the names and addresses of all shareholders; and
(B) the number of shares held by each shareholder; or
(3) the records described in subdivisions (1) and (2).
As added by P.L.262-1995, SEC.90.
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