Indiana § 28-1-13-11 Reduction of existing obligations held in excess of limitations

Indiana Statutes

§ 28-1-13-11 — Reduction of existing obligations held in excess of limitations

Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 13 Loans and Investments of Banks and Trust Companies

Except as otherwise provided in this chapter,
any bank or trust company which holds obligations of indebtedness in
violation of the limitations prescribed in this chapter shall, not later
than July 1, 1936, cause the amount of such obligations to conform to
the limitations prescribed by this article and by the provisions of this
chapter. The department may, in its discretion, extend the time for
effecting such conformity, in individual instances, if the interests of the
depositors will be protected and served by such extension. Upon the
failure of any bank or trust company to comply with such limitations,
in accordance with the terms of this section or in accordance with any
order of the department with relation to such limitations, the
department may declare that such bank or trust compan

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Except as otherwise provided in this chapter,
any bank or trust company which holds obligations of indebtedness in
violation of the limitations prescribed in this chapter shall, not later
than July 1, 1936, cause the amount of such obligations to conform to
the limitations prescribed by this article and by the provisions of this
chapter. The department may, in its discretion, extend the time for
effecting such conformity, in individual instances, if the interests of the
depositors will be protected and served by such extension. Upon the
failure of any bank or trust company to comply with such limitations,
in accordance with the terms of this section or in accordance with any
order of the department with relation to such limitations, the
department may declare that such bank or trust company is conducting
its business in an unauthorized or unsafe manner and proceed in
accordance with IC 28-1-3.1-2.
Formerly Acts 1933, c.40, s.205. Amended by P.L.263-1985,
SEC.68.

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