2014 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 3. LIQUIDATION, REORGANIZATION, AND MERGER CHAPTER 1. LIQUIDATION OF BANKS
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IC 28-3
ARTICLE 3. LIQUIDATION, REORGANIZATION,
AND MERGER
IC 28-3-1
Chapter 1. Liquidation of Banks
IC 28-3-1-1
Petition; vote of shareholders; order and bond
Sec. 1. Whenever the directors of any bank organized under the
laws of this state, shall desire to liquidate any such bank, they may
file a petition with the department of financial institutions for
authority so to do. After the filing of any such petition, the said
department shall authorize the directors to call a special meeting of
the stockholders of such bank, and if the owners of two-thirds (2/3)
of the capital stock of such bank shall vote in favor of such
liquidation, the directors shall thereupon so notify the department and
said department shall thereupon enter an order directing the
liquidation of said bank, and shall also provide that a bond be
executed in such an amount and with such sureties as the department
may approve, for the faithful discharge by the officers of such bank
of their respective duties in the liquidation of said bank.
(Formerly: Acts 1943, c.39, s.1.)
IC 28-3-1-2
Sequence of payments; dissenting stockholders
Sec. 2. Upon the filing and approval of such bond, the officers of
any such bank, shall without delay, proceed with the liquidation of its
business by first paying all of its depositors in full, and when all of
such depositors have been paid in full, the holders of the capital stock
of such bank shall appoint a committee of not more than three (3)
persons to completely liquidate and pay all of its other liabilities, and
to distribute all the remaining assets of said bank, share and share
alike, to the owners of its capital in proportion to the shares of its
capital stock respectively owned by them and then outstanding:
Provided, however, that the owners of shares of its capital stock who
did not approve of such liquidation shall, if they so demand, be paid
the full par value of their shares within six (6) months from the time
of the filing of such petition and such shares shall be cancelled and
said owners shall not be entitled to any further share in any
distribution of the assets of said bank.
(Formerly: Acts 1943, c.39, s.2.)
IC 28-3-1-3
Surrender of certificate of incorporation
Sec. 3. When the affairs of said bank shall have been completely
liquidated, its officers shall at once surrender its certificate of
incorporation to the secretary of state who shall cancel same, and said
certificate shall thereafter be void and of no legal effect.
(Formerly: Acts 1943, c.39, s.3.)
IC 28-3-1-4
Alternative method
Sec. 4. This chapter shall not be construed to repeal any other law
providing for the liquidation of banks, but it shall be construed as
providing an alternative method for the liquidation of banks.
(Formerly: Acts 1943, c.39, s.4.) As amended by P.L.263-1985,
SEC.128.
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