§ 28-1-11-12 — Federal reserve system and federal deposit insurance corporation membership; federal securities

Indiana § 28-1-11-12

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 11: Powers of Banks and Trust Companies

Text

Every bank or trust company shall have
power:
(1) to purchase and hold for the purpose of becoming a member
of the federal reserve system:
(A) so much of the capital stock of a federal reserve bank as
shall qualify it for membership, pursuant to the Federal Reserve
Act (12 U.S.C. 221 et seq.); and
(B) so much of the capital stock of the Federal Deposit
Insurance Corporation as will qualify it for membership,
pursuant to the Federal Deposit Insurance Act (12 U.S.C. 1811
through 1833e);
(2) to do anything necessary or appropriate to acquire and
maintain insurance of its deposits in accordance with the
provisions of any federal law in force on or after July 1, 1933;
(3) to become a member of the federal reserve system; and
(4) to have and exercise all powers, not in conflict with the laws
of this state, which are conferred upon any such member by the
Federal Reserve Act. With the express approval of the
department, and except as otherwise provided in this chapter, any
bank or trust company shall have the power to purchase and hold
shares of the capital stock, bonds, notes, debentures, or any other
securities or obligations issued at any time by any agency or
instrumentality of the federal government. After July 1, 1933, no
bank or trust company shall purchase the capital stock of any joint
stock land bank organized pursuant to 12 U.S.C. 2001 through
2279aa-14 and hold the stock so purchased in an amount in
excess of ten percent (10%) of the capital and surplus of such
bank or trust company.
Formerly: Acts 1933, c.40, s.181; Acts 1935, c.5, s.28; Acts
1937, c.33, s.19. As amended by P.L.263-1985, SEC.61; P.L.8-1991,
SEC.12; P.L.42-1993, SEC.28; P.L.213-2007, SEC.41; P.L.217-2007,
SEC.39.