2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.1. SAVINGS BANKS CHAPTER 4. BOARD MEMBERS, OFFICERS, AND EMPLOYEES
Download as PDF
IC 28-6.1-4
Chapter 4. Board Members, Officers, and Employees
IC 28-6.1-4-1
Compensation
Sec. 1. A savings bank may pay its officers, board members, and
employees reasonable compensation for services rendered that the
board of the savings bank determines.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-4-2
Group insurance; retirement and pension plans
Sec. 2. A savings bank may purchase group insurance and provide
retirement or pension plans for its officers and employees, with or
without the officers' or employees' participation in the cost of the
insurance or plans.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-4-3
Special service compensation
Sec. 3. (a) A savings bank that has accumulated a surplus of at
least five percent (5%) upon its deposits may pay board members
who render special personal service (beyond the ordinary duty of
attending meetings and serving upon committees other than of
examination) compensation determined by the board.
(b) A board member for whom special service compensation is
under consideration by the board may not vote upon the question.
(c) If, after special compensation is paid to a board member under
subsection (a), the savings bank's surplus becomes impaired so as to
be less than five percent (5%) of its deposits, the special
compensation to the board member shall cease until the surplus is
again at least five percent (5%) of deposits.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-4-4
Repealed
(Repealed by P.L.122-1994, SEC.122.)
IC 28-6.1-4-4.1
Indemnification of directors; application to banks formed before
January 1, 1993
Sec. 4.1. (a) The provisions concerning indemnification of
directors set forth in IC 28-13-13 shall apply to savings banks formed
before January 1, 1993.
(b) In the application of IC 28-13-13 to a savings bank formed
before January 1, 1993, references in IC 28-13-13 to "directors" and
"the board of directors" shall be treated as referring to the trustees
and the board of trustees of the savings bank.
As added by P.L.122-1994, SEC.97.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
