2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.1. SAVINGS BANKS CHAPTER 3. THE BOARD OF TRUSTEES OF SAVINGS BANKS ORGANIZED, REORGANIZED, OR OPERATING BEFORE JANUARY 1, 1993
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IC 28-6.1-3
Chapter 3. The Board of Trustees of Savings Banks
Organized, Reorganized, or Operating before January 1, 1993
IC 28-6.1-3-1
Application of chapter
Sec. 1. This chapter applies only to a savings bank organized,
reorganized, or operating under IC 28-6 (before its repeal) before
January 1, 1993.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-2
Court
Sec. 2. As used in this chapter, "court" refers to the circuit court
of the county in which the savings bank is located.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-3
Number of trustees
Sec. 3. The board of trustees of the savings bank must have at
least seven (7) but not more than twenty-one (21) trustees.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-4
Qualifications of trustees
Sec. 4. An individual must have the following qualifications to be
a trustee:
(1) The individual must be a citizen of Indiana for at least five
(5) years before becoming a trustee.
(2) The individual must have an equity in real estate:
(A) located in the county in which the savings bank is
located; and
(B) worth at least five thousand dollars ($5,000), the value
of which is determined by two (2) individuals designated by
the court.
(3) The individual must in all respects be a suitable individual
to be entrusted with the management of a savings bank.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-5
Vacancies; elections; qualifications of successors
Sec. 5. (a) A vacancy on the board of the savings bank is created
if any of the following applies to a trustee:
(1) The trustee dies.
(2) The trustee resigns.
(3) The trustee is unable to discharge duties because of
incapacity.
(4) The trustee moves from the county where the saving bank is
located.
(5) The trustee becomes insolvent.
(6) The trustee fails for nine (9) successive months to attend the
regular meetings of the board.
(b) The remaining trustees shall fill a vacancy created under
subsection (a) by electing a successor by ballot.
(c) An election under subsection (b) may be held at a regular
meeting of the board or at a special meeting of which the remaining
trustees have been given notice.
(d) A successor is elected upon a majority vote of the remaining
trustees.
(e) A successor must possess the qualifications set forth in section
4 of this chapter.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-6
Vacancies; judicial appointments
Sec. 6. (a) If the board fails to fill a vacancy under section 5 of
this chapter for three (3) months after the vacancy is created, the
court shall, subject to subsection (b), appoint an individual qualified
under this chapter to fill the vacancy.
(b) The court shall fill the vacancy upon the written request of:
(1) any three (3) trustees; or
(2) at least two percent (2%) of the depositors in the savings
bank.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-7
Vacancies; successors' certificates of qualification and fitness
Sec. 7. (a) An individual elected or appointed to fill a vacancy
shall obtain from the court a certificate of qualification and fitness
before the individual may enter upon duties as a trustee.
(b) A certificate issued under subsection (a) shall be:
(1) recorded in the journal of the proceedings of the savings
bank; and
(2) be filed with the department.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-8
Presidents; officers and agents
Sec. 8. (a) The trustees of the savings bank shall elect from among
the trustees a president.
(b) The trustees may choose from among the trustees, or
otherwise, other officers or agents the trustees consider necessary to
conduct the business of the savings bank.
(c) The officers and agents hold their offices at the pleasure of the
board and until their successors are chosen and qualified.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-9
Bylaws, rules, and regulations
Sec. 9. (a) Subject to Indiana law, the board of a savings bank
may from time to time make bylaws, rules, and regulations as the
board considers proper for the following purposes:
(1) Election of officers.
(2) Prescribing the powers and duties of the officers.
(3) The manner of discharging the powers and duties of the
officers.
(4) Appointment of committees.
(5) Prescribing the duties of committees.
(6) Generally for transacting the business of the corporation.
(b) The board shall send a copy of bylaws, rules, and regulations
and any amendments to the bylaws, rules, or regulations to the
auditor of state.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-10
Quorum
Sec. 10. (a) A quorum of the board of a savings bank consists of
at least a majority of the trustees.
(b) Except as provided in subsection (c), the president or a vice
president of the board must be present for a quorum to exist.
Notwithstanding subsection (c), if the number of trustees is fifteen
(15) or more, a quorum must consist of at least seven (7) trustees,
with the president or a vice president present.
(c) The board may provide in the bylaws that the quorum consists
of more than a majority of the trustees. If the bylaws provide for a
quorum of nine (9) or more trustees, the bylaws may provide that a
quorum exists without the presence of the president or a vice
president of the board.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-11
Reducing number of trustees
Sec. 11. (a) The board of a savings bank may, by resolution
incorporated in the bylaws of the savings bank, reduce the number of
trustees to a number not less than the minimum number required by
section 3 of this chapter.
(b) If the board adopts a resolution under subsection (a), the
number of trustees may be reduced by not filling vacancies on the
board as vacancies occur until the number of trustees reaches the
number set in the resolution.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-12
Increasing number of trustees
Sec. 12. (a) Subject to section 3 of this chapter, the board of a
savings bank may, by resolution incorporated in the bylaws of the
savings bank, increase the number of trustees.
(b) The board may adopt a resolution under subsection (a) at any
time.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-13
Meetings
Sec. 13. (a) The board shall hold regular meetings at least every
three (3) months.
(b) The board may provide in the bylaws of the savings bank for:
(1) regular meetings more frequent than required by subsection
(a); and
(2) the calling of special meetings.
(c) The board shall keep minutes of the proceedings of each
meeting in a record provided for that purpose.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-3-14
Suspension of trustees
Sec. 14. (a) The auditor of state may at any time, by an order
under the seal of the auditor of state, for due cause stated in the
order, suspend a trustee from the board.
(b) Upon the application of two-thirds (2/3) of the trustees of a
savings bank setting forth good reasons for the action in regard to a
trustee, the auditor of state shall issue the order.
(c) Upon issuing an order under this section, the auditor of state
shall send a copy of the order to each of the following:
(1) The savings bank. The order shall be entered in full in the
minutes of the savings bank.
(2) To the suspended trustee. Upon request of the trustee, the
auditor of state shall send the original order to the trustee.
(3) To the judge of the court.
(d) The judge of the court, after giving proper notice to the trustee
and an opportunity for the trustee to be heard in the trustee's defense,
may vacate or confirm the order. Confirmation of an order under this
subsection operates to remove the trustee from office.
As added by P.L.42-1993, SEC.72.
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