§ 28-1-20-8 — Bank or trust company required to close; custody of business and property; petition to reopen; decision; appeal; liquidation

(a) When and if any bank or trust company
organized or reorganized under the provisions of this article, or any
bank of discount and deposit or loan and trust and safe deposit
company organized under any law enacted prior to February 24, 1933,
shall be required to cease all banking operation within twenty (20)
years from the time of its organization and promptly thereafter to close
its business, such bank or trust company shall deliver over into the
custody of the department all of its business and property for
liquidation and the payment of its liabilities. Such delivery may be
made by an instrument in writing executed pursuant to a resolution of
the board of directors. Before, after, or contemporaneously with the
delivery of all of its business and property to the department, such bank
or trust company may, pursuant to a resolution of its boards of
directors, file a petition with the department for authority to reopen its
business and resume its banking operations. Such petition shall fix:
(1) the date of the organization of such bank or trust company;
(2) the day on which it desires to reopen its business and resume
its banking operations, which may be the next succeeding
business day after the delivery, or effective date of delivery fixed
in any instrument in writing, of the business and property of such
bank or trust company to the department;
(3) such other facts as the board of directors of such bank or trust
company shall deem pertinent; and
(4) the information required by IC 28-1-15-1 and such other
information as the department may prescribe or require.
Thereupon, the department shall make, or cause to be made, a careful
investigation and examination of such bank or trust company, the
qualifications and experience of the officers thereof, and the public
necessity for such bank or trust company in the community in which it
is or has been doing business, and the department, after such
investigation and examination, shall, upon the basis of its findings with
respect to all of the matters specified in this section, approve or
disapprove the right of such bank or trust company to reopen its
business and resume its banking operations.
(b) Upon the filing of any such petition more than thirty (30) days
before the day upon which such bank or trust company shall desire to
reopen its business and resume its banking operations, the department
shall approve or disapprove such petition, in writing, and notify such
bank or trust company of its action not later than the last business day
immediately preceding the day upon which such bank or trust company
shall have requested the right to reopen its business and resume its
banking operations. In the event that the department shall disapprove
the right of such bank or trust company to reopen its business and
resume its banking operations, such bank or trust company may appeal
such order of the department to the circuit court, superior court, or
probate court of the county in which it has its principal office, and
thereupon the matter shall be determined de novo.
(c) In the event that any bank or trust company shall deliver its
business and property to the department and fail to file a request to
reopen its business and resume its banking operations within ten (10)
days after such delivery, or in the event that the department or the
circuit court, superior court, or probate court if the decision of the
department be appealed, shall disapprove the petition of any bank or
trust company to reopen its business and resume its banking operations,
such bank or trust company shall be liquidated pursuant to the
provisions for voluntary liquidation contained in IC 28-1-9.
Formerly: Acts 1933, c.40, s.250. As amended by P.L.263-1985,
SEC.74; P.L.84-2016, SEC.122.