reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-6. Exceptions to Lending Limitations

Sec. 6. The limitations contained in section 5 of this chapter are subject to the following exceptions:
(1) Loans or extensions of credit arising from the discount of commercial or business paper evidencing an obligation to the person negotiating the loan or extension of credit with recourse are not subject to any limitation based on capital and surplus.
(2) The purchase of bankers' acceptances of the kind described in 12 U.S.C. 372 and issued by other banks are not subject to any limitation based on capital and surplus.
(3) Loans and extensions of credit secured by bills of lading, warehouse receipts, or similar documents transferring or securing title to readily marketable staples are subject to a limitation of thirty-five percent (35%) of capital and surplus in addition to the general limitations if the market value of the staples securing each additional loan or extension of credit at all times equals or exceeds one hundred fifteen percent (115%) of the outstanding amount of the loan or extension of credit. The staples shall be fully covered by insurance whenever it is customary to insure them.
(4) Loans or extensions of credit secured by bonds, notes, certificates of indebtedness, or treasury bills of the United States or by other similar obligations fully guaranteed as to principal and interest by the United States are not subject to any limitation based on capital and surplus.
(5) Loans or extensions of credit to or secured by unconditional takeout commitment or guarantees of an agency, a board, a bureau, a commission, a department, or other establishment of the United States or corporation wholly owned directly or indirectly by the United States are not subject to any limitation based on capital and surplus.
(6) Loans or extensions of credit secured by a segregated deposit account in the lending bank are not subject to any limitation based on capital and surplus.
(7) Loans or extensions of credit to a financial institution or to a receiver, conservator, superintendent of banks, or other agent in charge of the business and property of the financial institution, when the loans or extensions of credit are approved by the director, are not subject to any limitation based on capital and surplus.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-7. Loan Limitations for Commercial Paper Carrying Full Recourse Endorsements or Unconditional Guarantees

Sec. 7. (a) Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or an unconditional guarantee by the person transferring the paper is subject to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements in section 5(b) of this chapter.
(b) If the savings bank's files or the knowledge of the savings bank's officers of the financial condition of each maker of the consumer paper is reasonably adequate, and an officer of the savings bank designated for that purpose by the board of the savings bank certifies in writing that the savings bank is relying primarily upon the responsibility of each maker for payment of the loans or extensions of credit and not upon any full or partial recourse endorsement or guarantee by the transferor, the limitations of this section as to the loans or extensions of credit of each maker are the only applicable loan limitations.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-8. Special Limits for Obligations Secured by Livestock or Dairy Cattle

Sec. 8. (a) Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fifteen percent (115%) of the face amount of the note covered are subject to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements of section 5(b) of this chapter.
(b) Loans and extensions of credit that arise from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse endorsement or unconditional guarantee of the seller and that are secured by the cattle being sold, are subject to a limitation of twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements of section 5(b) of this chapter.
As added by P.L.42-1993, SEC.72. Amended by P.L.141-2005, SEC.10.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-9. Extensions of Credit to Officers, Directors, Trustees, and Principal Shareholders

Sec. 9. A savings bank may extend credit to an officer, a director, a trustee, or a principal shareholder in accordance with the restrictions and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215).
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-10. Loans or Discounts on Security and Purchase or Holding of Bank's Own Capital Stock

Sec. 10. (a) A stock savings bank may not:
(1) make a loan or discount on the security of the shares of its own capital stock; or
(2) be the purchaser or holder of shares of its own capital stock;
unless the security or purchase is necessary to prevent loss under a debt previously contracted in good faith.
(b) Stock that may be purchased or acquired under subsection (a) shall be sold or disposed of within six (6) months from the time of its purchase at public or private sale, unless otherwise ordered by the department.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-11. Conformity With Lending Limitations; Sanctions

Sec. 11. (a) Except as otherwise provided in this article, a savings bank that holds obligations of indebtedness in violation of the limitations prescribed in this article shall take action to conform the amount of the obligations to the limitations prescribed by this article.
(b) If a savings bank fails to comply with the limitations of this article or an order of the department in relation to the limitations of this article, the department may find that the savings bank is conducting its business in an unauthorized or unsafe manner and proceed under IC 28-1-3.1-2.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-12. Exception to Limitations for Student Loan Marketing Association Loans and Extensions of Credit

Sec. 12. Loans or extensions of credit to the Student Loan Marketing Association are not subject to any limitation based on capital and surplus.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-14. Application of Federal Regulations

Sec. 14. The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-15. Receiving Fees, Commissions, Gifts, or Things of Value; Violation

Sec. 15. Except as otherwise provided, an officer, a director, an owner, a partner, an employee, or an attorney of a savings bank who stipulates for, receives, or agrees to receive, a fee, commission, gift, or thing of value, from any person, for the purpose of procuring or attempting to procure for a person a loan from or the purchase or discount of a paper, note, draft, check, or bill of exchange by the savings bank commits a Class A misdemeanor.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-1. Application of Limitations

Sec. 1. The limitations imposed by this chapter do not apply to the following:
(1) Direct or indirect obligations of the United States.
(2) Direct obligations of a United States territory or insular possession.
(3) Direct obligations of the state or a municipal corporation or taxing district in Indiana.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-2. Total Equity Capital

Sec. 2. As used in this section, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired retained earnings, subordinated debt that has been approved by state or federal regulatory agencies, and one hundred percent (100%) of loan reserves.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-3. Dealing Requirements

Sec. 3. Except as otherwise provided in this article, a savings bank may deal in investment securities only by purchasing and selling securities without recourse, solely upon the order and for the account of customers.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-4. Dealings for Bank's Own Account

Sec. 4. Except as otherwise provided in this article, a savings bank may not deal in investment securities for its own account.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-5. Underwriting or Guaranteeing Issues of Securities

Sec. 5. A savings bank may not underwrite or guarantee all or a part of an issue of securities other than obligations issued or guaranteed by or on behalf of the state, a political subdivision of the state, or an agency or instrumentality of the state or of a political subdivision.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-6. Purchase and Sale of Investment Securities for Bank's Own Account Under Department Rules; Limitation on Investment Securities

Sec. 6. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell investment securities under limitations and restrictions the department prescribes by regulation, rule, policy, or guidance.
(b) The total amount of the investment securities of any one (1) obligor or maker, purchased or held by any savings bank for its own account may not at any time exceed ten percent (10%) of the amount of the total equity capital of the savings bank.
As added by P.L.42-1993, SEC.72. Amended by P.L.27-2012, SEC.88.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-7. Purchase and Sale of Government Chartered Small Business Investment Company Stock

Sec. 7. A savings bank may purchase for its own account and sell shares of stock in federal or state chartered small business investment companies that have received a permit or license to operate under the federal Small Business Investment Act, subject to the limitations and restrictions the department prescribes by rule.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-8. Purchase and Sale of Collateralized Mortgage Obligations

Sec. 8. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell obligations, commonly known as collateralized mortgage obligations, that are eligible for purchase and sale by national banking associations.
(b) A savings bank may purchase for its own account and sell the obligations only to the extent that a national banking association can purchase and sell those obligations.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-8.5. Purchase of Speculative Securities or Securities Not Rated by a Generally Recognized Security Rating Service

Sec. 8.5. (a) A savings bank may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security:
(1) is rated below the first four (4) rating classes by a generally recognized security rating service;
(2) is in default; or
(3) is otherwise considered speculative by the director.
(b) A savings bank may purchase for its own account a security that is not rated by a generally recognized security rating service if:
(1) the savings bank at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and
(2) the security is not otherwise considered speculative by the director.
As added by P.L.176-1996, SEC.20. Amended by P.L.89-2011, SEC.46.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-9. Purchase and Sale of Nonsubsidiary Corporation Stock

Sec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.
(b) A savings bank shall sell shares of stock:
(1) acquired under subsection (a); and
(2) that the savings bank would not otherwise have been permitted to buy;
not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-10. Purchase and Holding of Banker's Bank Stock

Sec. 10. (a) As used in this section, "bank" has the meaning set forth in IC 28-2-14-2.
(b) As used in this section, "banker's bank" means a bank that satisfies both of the following:
(1) The stock of the bank is owned exclusively by:
(A) other banks; or
(B) a bank holding company, the stock of which is owned exclusively by other banks.
(2) The bank is engaged exclusively in providing services to other banks and to their officers, directors, and employees.
(c) Notwithstanding any other provision of this article, a savings bank may purchase for its own account shares of stock of a banker's bank insured by the Federal Deposit Insurance Corporation or a holding company that owns or controls a banker's bank insured by the Federal Deposit Insurance Corporation.
(d) A savings bank's holdings of the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank may not exceed ten percent (10%) of the capital and surplus of the savings bank.
(e) A savings bank may not purchase the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank if, after the purchase, the savings bank would own more than five percent (5%) of any class of voting securities of the banker's bank or holding company.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-11. Investments in Casualty Insurance Companies

Sec. 11. (a) Notwithstanding any other provision of this article, a savings bank may invest in a casualty insurance company organized solely for the purpose of insuring banks, trust companies, and bank holding companies and their officers and directors from and against liabilities, including those covered by bankers' blanket bonds and director and officer liability insurance and other public liability insurance.
(b) An investment under this section must take the form of:
(1) the purchase for the savings bank's own account of shares of stock of the casualty insurance company or shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or
(2) loans to such an association of banks.
(c) The total investment of a savings bank under this subsection may not exceed five percent (5%) of the capital and surplus of the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-12. Establishment and Acquisition of Subsidiaries

Sec. 12. A savings bank may establish or acquire a subsidiary that engages in either of the following:
(1) The sale, distribution, or underwriting of securities issued by investment companies (as defined in Section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3)).
(2) The underwriting or distribution of securities backed by or representing an interest in mortgages.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-13. Establishment of Trading Accounts

Sec. 13. A savings bank may establish a trading account for the purchase and resale of securities that are otherwise eligible for purchase or resale by the savings bank. The trading account must comply with the requirements established by policy or rule of the department.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 10. Savings Banks Dealing in Investment Securities › 28-6.1-10-15. Purchase Records

Sec. 15. A savings bank that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.
As added by P.L.176-1996, SEC.21.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 11. Real Property Holdings by Savings Banks › 28-6.1-11-2. Purchase, Holding, and Conveyance of Real Property

Sec. 2. (a) A savings bank may purchase, hold, and convey real property as follows:
(1) As necessary for the convenient transaction of the savings bank's business as provided in IC 28-6.1-7-12.
(2) Real property mortgaged to the savings bank in good faith for money loaned, or upon which the savings bank purchased a mortgage.
(3) Real property purchased:
(A) at sales upon judgments, decrees, or mortgages obtained upon claims in favor of the savings bank; or
(B) to prevent loss upon claims held by the savings bank.
(4) Real property conveyed to the savings bank:
(A) in satisfaction of:
(i) debts constructed in the course of the bank's dealings; or
(ii) debts, notes, or mortgages purchased by or assigned to the savings bank; or
(B) in exchange for real property conveyed to the savings bank.
(b) Real property described in subsection (a)(2) and (a)(3) of this chapter shall be sold not more than ten (10) years after the real property has become vested in the savings bank if the sale will bring the amount due on account of the real property. If the real property cannot be sold for a sufficient sum for that purpose, the department may give further time the department considers necessary to sell the real property.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 11. Real Property Holdings by Savings Banks › 28-6.1-11-3. Limitation on Investments; Investments in Holding Corporations

Sec. 3. (a) Except with the approval of the department, the sum invested in real property used for the convenient transaction of business may not exceed fifty percent (50%) of the unimpaired capital stock, surplus, and retained earnings of the savings bank.
(b) The investment may be made in the stock of a corporation organized to own and hold the real property occupied and used wholly or in part by the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 12. Branches of Savings Banks › 28-6.1-12-2. Bank

Sec. 2. (a) As used in this chapter, "bank" means a financial institution that is either of the following:
(1) A bank that:
(A) has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia; and
(B) is an "insured bank" (as defined in Section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813(h)) eligible to make application to become an insured depository institution under Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815).
(2) Notwithstanding subsection (b), a savings bank formed as a result of conversion.
(b) The term does not include any of the following:
(1) An institution that has been or is chartered or regulated as a federal savings association or federal savings bank under Section 5 of the Home Owners Loan Act (12 U.S.C. 1464).
(2) Institutions of the "Farm Credit System" as described in 12 U.S.C. 2001 through 2260, which include the Farm Credit Banks, the Federal Land Bank Associations, the Production Credit Associations, the Banks for Cooperatives, and any other institution that may become a part of the Farm Credit System, as chartered by and subject to the supervision of the Farm Credit Administration.
(3) Another institution that has been organized or reorganized as a savings association, a credit union, or an industrial loan and investment company.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.73; P.L.27-2012, SEC.89.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 12. Branches of Savings Banks › 28-6.1-12-3. Branches De Novo and Branches by Acquisition; Approval of Department Required; Application; Approval or Disapproval by Department; Location; Savings Banks Organized or Operating Before January 1, 1993; Exemption From Approval Requirements

Sec. 3. (a) Subject to this section, a savings bank is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location or locations within Indiana.
(b) A branch de novo may not be established under this section without the written approval of the department. A savings bank desiring to establish one (1) or more branches de novo under this section must file a written application to do so in the form, and containing the information, required by the director.
(c) The department may approve or disapprove the application. Before the department approves the application, the department shall determine to its satisfaction that the applicant savings bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch. The investigation of the department relative to any application as required by this section shall be conducted without a public hearing.
(d) The location of a branch established under this section may be changed at any time to a location within Indiana when the change of location is authorized by the board of the savings bank and approved by the department.
(e) Except as provided in IC 28-6.1-6-23, a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993, may not establish a branch by acquisition.
(f) A savings bank created as a result of a conversion under IC 28-1-30 may retain all branches in existence on the date of conversion.
(g) The department may establish criteria to exempt a savings bank from the approval requirements described in this section.
As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.98; P.L.192-1997, SEC.14; P.L.62-1999, SEC.4; P.L.69-2018, SEC.52.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 12. Branches of Savings Banks › 28-6.1-12-4. Establishment of Branches by Acquisition

Sec. 4. A branch by acquisition under this chapter involving one (1) or more savings banks formed after December 31, 1992, may be established under section 3 of this chapter by complying with IC 28-1-7 or IC 28-1-8 as if the savings bank (were a bank as defined in IC 28-1-1-3).
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 12. Branches of Savings Banks › 28-6.1-12-5. Automated Teller Machines

Sec. 5. (a) A savings bank is entitled to open or establish an automated teller machine in any location within Indiana or as permitted by the laws of the state in which the automated teller machine is to be located.
(b) An automated teller machine may be owned or operated individually by a savings bank or jointly on a cost sharing or fee basis.
As added by P.L.42-1993, SEC.72. Amended by P.L.192-1997, SEC.15.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 12. Branches of Savings Banks › 28-6.1-12-7. Actions Against Savings Banks

Sec. 7. (a) A person, company, bank, or bank holding company that may be or has been injured by reason of any conduct that constitutes or will constitute a violation of this chapter by a savings bank may sue the savings bank to enjoin the conduct or for damages, together with the costs of suit, including reasonable attorney's fees.
(b) The department may sue to enjoin any conduct that constitutes or will constitute a violation of this chapter, or to require divestiture of any bank acquired or branch established in violation of this chapter.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 13. Statement of Condition › 28-6.1-13-1. Number of Statements Required

Sec. 1. The department may require every savings bank to prepare and submit to the department as many statements of condition as necessary in any year. The department may not require a savings bank to publish more than two (2) statements of condition under this chapter in any year.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 13. Statement of Condition › 28-6.1-13-2. Designation of Forms, Notice, and Dates

Sec. 2. The statements of condition shall be verified and shall be prepared and submitted according to the forms and under the notice and on the dates as the department designates.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 13. Statement of Condition › 28-6.1-13-3. Contents of Statements

Sec. 3. (a) The following items shall be shown in the statement of condition in detail and under appropriate headings, as of a day specified by the department in the department's notice:
(1) The resources and liabilities of the savings bank, and except as provided in subdivision (2), excluding from the resources and liabilities all property held in trust.
(2) The uninvested funds held in any fiduciary capacity. These uninvested funds shall be called "first lien trust funds".
(3) Other information required by rules of the department.
(b) The items enumerated in subsection (a)(2) shall be segregated from the statement of resources and liabilities of the savings bank under an appropriate title that will clearly designate the character and amount of the items.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 13. Statement of Condition › 28-6.1-13-4. Publication of Statements

Sec. 4. (a) A savings bank shall, when required by the department, publish the savings bank's statement of condition in the form in which the statement of condition is required by the department as prescribed in this chapter.
(b) The statement of condition shall be published in a newspaper printed and published in the city or town in which the savings bank has its principal office, if a newspaper is printed in that city or town. If a newspaper is not printed in that city or town, the savings bank shall publish the statement of condition in a newspaper printed and published in the city or town nearest to the city or town of the savings bank's principal office.
(c) A statement of condition shall be published at the expense of the savings bank making the statement, and proof of publication shall be furnished the department in the form the department requires.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 13. Statement of Condition › 28-6.1-13-5. Provision of Examination Copies and Information to Federal Entities

Sec. 5. (a) This section applies only to a statement of condition of a savings bank that is or may become a member of the federal reserve bank system, or whose deposits are or may become insured by the Federal Deposit Insurance Corporation.
(b) The department may provide copies of an examination of a savings bank to any of the following:
(1) The federal reserve board.
(2) The federal reserve bank of which the savings bank is or may become a member.
(3) The Federal Deposit Insurance Corporation.
(4) An agency of the federal government similar to those described in subdivisions (1) through (3).
(5) Duly appointed examiners of an entity described in subdivisions (1) through (4).
(c) The department may disclose to examiners of an entity described in subsection (b)(1) through (b)(4) any information in reference to the condition of the affairs of a savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 13. Statement of Condition › 28-6.1-13-6. Civil Penalties

Sec. 6. (a) A savings bank that does any of the following 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 terms of the department's notice concerning statements of condition:
(1) Fails to prepare and submit a statement of condition required by the department.
(2) Violates an order of the department with respect to a statement of condition.
(b) The penalty prescribed by this section may be recovered under IC 28-11-4.
(c) A penalty recovered under this section shall be paid into the state general fund.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 14. Conversion of a Stock Savings Bank to a State Bank or to a Savings and Loan Association › 28-6.1-14-1. Application of Chapter

Sec. 1. This chapter applies only to a stock savings bank formed as the result of a conversion under IC 28-1-21.8 or IC 28-1-21.9.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 14. Conversion of a Stock Savings Bank to a State Bank or to a Savings and Loan Association › 28-6.1-14-2. Conversion; Approval of Department

Sec. 2. A stock savings bank may convert into a state bank or a savings association with the approval of the department.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.74.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 14. Conversion of a Stock Savings Bank to a State Bank or to a Savings and Loan Association › 28-6.1-14-3. Conversion Procedure

Sec. 3. The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following:
(1) The board of the savings bank must propose a resolution of conversion.
(2) The resolution of conversion must be adopted by the affirmative vote of at least a majority of the shareholders of the savings bank.
(3) The savings bank must provide all relevant information relating to the conversion requested by the department.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 14. Conversion of a Stock Savings Bank to a State Bank or to a Savings and Loan Association › 28-6.1-14-4. Articles of Conversion

Sec. 4. (a) To effect the conversion, the converting savings bank must file articles of conversion showing the department's approval of the conversion with the following:
(1) The secretary of state.
(2) The county recorder of the county in which the principal office of the savings bank is located.
(b) The articles of conversion:
(1) must set forth the elements required by IC 28-12-2-1; and
(2) constitute the articles of incorporation of the new state bank or savings and loan association.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 14. Conversion of a Stock Savings Bank to a State Bank or to a Savings and Loan Association › 28-6.1-14-5. Rights and Obligations Upon Conversion

Sec. 5. Upon conversion, the new state bank or new savings association:
(1) has all the rights, privileges, immunities, and powers of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15;
(2) is subject to all the duties, restrictions, penalties, and liabilities of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; and
(3) is governed by IC 28-13.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.75.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-1. 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.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-2. Effective Date of Conversion

Sec. 2. As used in this chapter, "effective date of conversion" refers to the date that the savings bank has complied with section 9 of this chapter.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-4. Resolutions of Conversion

Sec. 4. (a) A conversion of a savings bank under this chapter must be proposed by the board of the savings bank by a resolution of conversion adopted by the affirmative vote of at least two-thirds (2/3) of the then qualified and acting trustees.
(b) The resolution of conversion must include the following information:
(1) The proposed articles of incorporation of the bank or trust company. The proposed articles of incorporation shall:
(A) insofar as applicable, conform with the provisions of IC 28-12-2; and
(B) set forth the following:
(i) The plan of conversion.
(ii) The manner in which the shares of the capital stock of the proposed bank or trust company will be subscribed for. The provisions of IC 28-12-11, IC 28-13-1, IC 28-13-2, and IC 28-13-3 are applicable with respect to the capital requirements and the par value and incidents of shares of capital stock of the proposed bank or trust company.
(2) The proposed capital stock and surplus.
(3) The proposed bylaws.
(4) Other information required by the department.
(c) The savings bank must submit to the department three (3) copies of the resolution of conversion, including the proposed articles of incorporation, certified by the president and attested by the secretary of the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-6. Approval or Disapproval of Resolutions of Conversion by Department

Sec. 6. (a) The department shall approve or disapprove the resolution of conversion after first making examinations or investigations the department considers necessary to determine if the proposed conversion is fair and in the best interests of the depositors of the savings bank.
(b) IC 28-1-2-23 and IC 28-11-5 do not apply to a determination under subsection (a).
(c) If the department approves the resolution of conversion, the approval shall be evidenced in the manner prescribed in IC 28-12-5. The approval shall be indicated on the resolution.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-7. Notice to Depositors; Objections; Judicial Review

Sec. 7. (a) After the department has given approval to the resolution of conversion and has returned the resolution of conversion to the savings bank, the savings bank shall give notice of the proposed conversion, by mail, to each depositor of record as of the date of the resolution of conversion. Notice to a depositor shall be sent to the address of the depositor as shown by the records of the savings bank. Notice shall also be given by at least ten (10) consecutive days of publication in a newspaper of general circulation published in the county in which the savings bank is located.
(b) After notice has been given under this section, a copy of the resolution of conversion shall be submitted to the circuit court, superior court, or probate court with jurisdiction in the county in which the savings bank is located.
(c) A depositor of the savings bank aggrieved by the proposed conversion may, not more than twenty (20) days after submission of the resolution of conversion with the court file in the court a verified statement of objection to the proposed conversion. The matter shall be docketed upon the books of the court, and entitled "In the Matter of the Conversion of ___________ Savings Bank to __________" (inserting the names of the savings bank and the successor bank or trust company). The nature of an objection to the conversion is limited to the unfairness of the proposed conversion relative to the rights and interests of the objecting depositor. Without filing pleadings, the savings bank shall be considered to deny the objections.
(d) After the twenty (20) day period for filing objections has expired, the court shall proceed as soon as possible to hear the evidence and determine the fairness of the proposed conversion relative to the individual rights and interests of all objecting depositors. The objecting depositors have the burden of proof.
(e) If the court finds that the proposed conversion is fair with respect to the rights and interests of the objecting depositors, the court shall enter an order:
(1) approving the conversion, subject only to the approval by the secretary of state of the articles of incorporation of the proposed bank or trust company; and
(2) assessing the costs of the proceeding against the objectors.
(f) If the court finds that the proposed conversion is not fair with respect to the rights and interests of the objecting depositors, the court shall enter an order:
(1) enjoining the conversion; and
(2) assessing the costs of the proceeding against the savings bank.
As added by P.L.42-1993, SEC.72. Amended by P.L.84-2016, SEC.126.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-8. Approval of Articles of Incorporation by Secretary of State

Sec. 8. (a) If the conversion is approved under section 7 of this chapter and if the capital stock of the bank or trust company has been fully subscribed, the trustees of the savings bank shall submit three (3) copies of the articles of incorporation of the bank or trust company with the department's approval indicated on the articles to the secretary of state.
(b) If the secretary of state finds that the articles of incorporation conform to law, the secretary of state shall, after all fees have been paid as required by law:
(1) indicate approval on the articles;
(2) keep one (1) copy of the articles for filing; and
(3) send the trustees a certificate of incorporation and two (2) copies of the articles of incorporation bearing the indicated approval of the secretary of state.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-9. Prerequisites to Doing Business

Sec. 9. (a) Except as is incidental to its conversion or to obtaining payment for shares of its capital stock, the bank or trust company may not exercise any new power, right, or authority conferred by its conversion, transact any business, or incur any indebtedness, until both of the following occur:
(1) One (1) of the copies of the articles of incorporation with the indicated approval of the secretary of state has been filed with the county recorder of the county in which the principal office of the bank or trust company is located.
(2) The amount of the capital stock of the bank or trust company has been fully paid in.
(b) If the bank or trust company violates this section, its officers and directors are severally liable for any debts or liabilities of the bank or trust company arising from the violation.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-10. Effect of Conversions

Sec. 10. (a) On the effective date of conversion, the existence of the savings bank ceases and the existence of the bank or trust company begins.
(b) On the effective date of conversion, the following apply:
(1) All subscriptions to shares of the capital stock of the bank or trust company previously received are considered accepted by the bank or trust company, and the subscribers for those shares, or their assigns, are considered to be shareholders of the bank or trust company.
(2) All property, all debts due on whatever account, all choses in action, and every other interest of or belonging to the converted savings bank are considered transferred to and vested in the bank or trust company without further act or deed.
(3) The bank or trust company shall be responsible and liable for the liabilities and obligations of the converted savings bank. An existing claim, an action, or a proceeding pending by or against the converted savings bank may be prosecuted to judgment as if conversion had not taken place or the bank or trust company may be substituted in the savings bank's place.
(4) The new bank or trust company has all the rights, privileges, immunities, and powers and, except as provided in this chapter, is subject to all the duties, restrictions, penalties, and liabilities of a bank or trust company organized under IC 28-1.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-11. Continued Service of Boards

Sec. 11. The board of the savings bank shall serve as the board of directors of the bank or trust company until the first annual meeting of the shareholders.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-12. Conformation to Limitations

Sec. 12. (a) Subject to subsection (b), a bank or trust company formed under this chapter shall, within three (3) years from its date of conversion, conform to the limitations prescribed by IC 28-1-13.
(b) The department may extend the time for the new bank or trust company to conform to the limitations prescribed by IC 28-1-13 if the interest of the depositors will be protected and served by an extension.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 15. Conversion of a Savings Bank to a Bank or Trust › 28-6.1-15-13. Powers and Duties of Department

Sec. 13. This chapter does not limit the powers or duties of the department under IC 28-1.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 16. Conversion of a Savings Bank to a Savings and Loan Association › 28-6.1-16-1. Application of Chapter

Sec. 1. This chapter applies only to the following:
(1) A savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before July 1, 1993.
(2) A mutual savings bank.
(3) A stock savings bank.
As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.99.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 16. Conversion of a Savings Bank to a Savings and Loan Association › 28-6.1-16-2. Department Approval of Conversion to Savings Association

Sec. 2. (a) With the approval of the department, a savings bank may convert into a savings association.
(b) Nothing in this title prohibits a savings bank organized under the laws of Indiana from converting to a savings association or a savings bank organized or reorganized under the laws of the United States. Conversion to a savings association or a savings bank organized under the laws of the United States does not require the approval of the department.
As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.100; P.L.262-1995, SEC.68; P.L.79-1998, SEC.76.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 16. Conversion of a Savings Bank to a Savings and Loan Association › 28-6.1-16-3. Conversion Procedure

Sec. 3. The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following conditions:
(1) The conversion must be proposed by the board of the savings bank in a resolution of conversion.
(2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) of the board members.
(3) The savings bank must provide all relevant information requested by the department in connection with the conversion.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 16. Conversion of a Savings Bank to a Savings and Loan Association › 28-6.1-16-4. Rights and Obligations Upon Conversion

Sec. 4. Upon conversion, the new savings association has all the rights, privileges, immunities, and powers and, except as provided in this chapter, is subject to all the duties, restrictions, penalties, and liabilities of a savings association organized under IC 28-4 (before its repeal) or under IC 28-15.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.77.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 17. Department Seizure of Business and Property of a Savings Bank › 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.