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2013 Indiana Code
TITLE 28. FINANCIAL INSTITUTIONS
ARTICLE 6.1. SAVINGS BANKS
CHAPTER 17. DEPARTMENT SEIZURE OF BUSINESS AND PROPERTY OF A SAVINGS BANK


Download as PDF IC 28-6.1-17 Chapter 17. Department Seizure of Business and Property of a Savings Bank IC 28-6.1-17-1 Grounds for seizure of business and property Sec. 1. The department may take possession of the business and property of a savings bank if any of the following occur: (1) The savings bank fails for thirty (30) days to pay any of its depositors as required by law. (2) The department determines that the board or officers of the savings bank are mismanaging the savings bank's affairs. (3) Any of the conditions described in IC 28-1-3.1-2 apply to the savings bank. As added by P.L.42-1993, SEC.72. IC 28-6.1-17-2 Law governing procedure and parties Sec. 2. IC 28-1-3.1 governs the following: (1) The authority and the procedures under which the department administers the liquidation of a savings bank under this chapter. (2) The respective rights, powers, privileges, duties, and liabilities of the department, the savings bank, and all interested parties. As added by P.L.42-1993, SEC.72.

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