2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 14. CORPORATE FIDUCIARIES CHAPTER 7. REQUIREMENTS AND PROHIBITIONS APPLYING TO CORPORATE FIDUCIARIES
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IC 28-14-7
Chapter 7. Requirements and Prohibitions Applying to
Corporate Fiduciaries
IC 28-14-7-1
Prohibited transactions; investigatory and enforcement powers of
department
Sec. 1. (a) A corporate fiduciary is prohibited from entering into
any transaction that would be prohibited for a bank under
IC 28-1-18.2.
(b) The department has the same:
(1) powers of investigation; and
(2) enforcement authority;
concerning corporate fiduciaries and their affiliates as the department
has with respect to banks and their affiliates under IC 28-1-18.2.
As added by P.L.262-1995, SEC.90.
IC 28-14-7-2
Statements of condition
Sec. 2. (a) The department may in any year require a corporate
fiduciary to prepare and submit as many statements of condition as
the department considers necessary.
(b) Statements of condition required by the department under this
section must be:
(1) verified; and
(2) prepared and submitted:
(A) on the forms; and
(B) on the dates;
designated in notices given by the director.
(c) Statements of condition required by the department under this
section must include a statement summarizing fiduciary activities
engaged in by the corporate fiduciary.
(d) The department is authorized to provide copies of a report
submitted under this section upon request at a cost established by the
department.
As added by P.L.262-1995, SEC.90.
IC 28-14-7-3
Violations; penalties
Sec. 3. (a) A corporate fiduciary that:
(1) fails to prepare and submit a statement of condition required
by the department under section 2 of this chapter; or
(2) violates any order of the department with respect to a
statement of condition required by the department under section
2 of this chapter;
is subject to a civil penalty of one hundred dollars ($100) for each
day that elapses after the date fixed by the department for compliance
with the notice concerning the statement of condition.
(b) A penalty paid under subsection (a) must be deposited in the
financial institutions fund established by IC 28-11-2-9.
As added by P.L.262-1995, SEC.90.
IC 28-14-7-4
Duty to report shortages and irregularities
Sec. 4. A corporate fiduciary is subject to the reporting
requirements concerning shortages and irregularities that are set forth
in IC 28-13-10-10(e).
As added by P.L.262-1995, SEC.90. Amended by P.L.63-2001,
SEC.29 and P.L.134-2001, SEC.31.
IC 28-14-7-5
Maintenance of principal office in county in which corporate
fiduciary conducts trust business; post office address of principal
office
Sec. 5. (a) A corporate fiduciary that engages in the trust business
in Indiana shall maintain an office or a place of business in Indiana.
The office maintained under this subsection shall be known as the
principal office, and must be located in a county in which the
corporate fiduciary conducts business.
(b) The post office address of the principal office shall be stated
in the original articles of incorporation, at the time of the
incorporation. Thereafter, the location of the principal office may be
changed at any time or from time to time when authorized by the
board of directors and approved by the department, by filing with the
secretary of state, before the date on which the change is to take
effect, a certificate that:
(1) is signed by the president or a vice president and by the
secretary or cashier of the corporate fiduciary;
(2) is verified by one (1) of the officers signing the certificate;
and
(3) states that the change is to be made and that it is made under
authorization by the board of directors.
As added by P.L.262-1995, SEC.90.
IC 28-14-7-6
Administration of common trust funds
Sec. 6. A corporate fiduciary that administers common trust funds
is subject to 12 CFR 9.18.
As added by P.L.262-1995, SEC.90.
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