Indiana § 28-1-13-8 Loans on security of own shares; acquisition of shares; disposition

Indiana Statutes

§ 28-1-13-8 — Loans on security of own shares; acquisition of shares; disposition

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

No bank or trust company shall make any loan
or discount on the security of the shares of its own capital stock, nor be
the purchaser or holder of any such shares, unless such security or
purchase shall be necessary to prevent loss under a debt previously
contracted in good faith; and stock so purchased or acquired shall,
within six (6) months from the time of its purchase, be sold or disposed
of at public or private sale, unless otherwise ordered by the department.
Formerly: Acts 1933, c.40, s.202.

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No bank or trust company shall make any loan
or discount on the security of the shares of its own capital stock, nor be
the purchaser or holder of any such shares, unless such security or
purchase shall be necessary to prevent loss under a debt previously
contracted in good faith; and stock so purchased or acquired shall,
within six (6) months from the time of its purchase, be sold or disposed
of at public or private sale, unless otherwise ordered by the department.
Formerly: Acts 1933, c.40, s.202.

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