§ 28-12-11-2 — Requirements for corporations merged with existing corporations

Indiana § 28-12-11-2

• Jurisdiction: Indiana
• Art. 12: FORMATION OF BANKS, TRUST COMPANIES,
• Ch. 11: Capital Requirements for Corporations

Text

(a) This section applies only to a corporation
that is organized or reorganized under Indiana law and is any of the
following:
(1) A bank and trust company.
(2) A bank.
(3) A savings bank.
(4) A trust company.
(5) A savings association.
(6) An industrial loan and investment company.
(7) A credit union.
(8) A corporate fiduciary.
(9) A bank of discount and deposit.
(10) A loan and trust and safe deposit company.
(b) Notwithstanding section 1 of this chapter, the amount of capital
stock of a corporation to be organized under this title shall be one
hundred dollars ($100) if an existing corporation will be merged into
or otherwise acquired by the corporation for which application has
been made.
(c) The new corporation may not transact business before the
merger except as incidental to the merger.
(d) Before completion of the merger, the department may conduct
any examination into the affairs and records of any party to the merger,
as determined by the director to be necessary.
(e) Upon completion of the merger, the resulting corporation is
subject to the paid-in capital requirement of this title.

Legislative History

As added by P.L.42-1993, SEC.92. Amended by P.L.122-1994, SEC.118; P.L.213-2007, SEC.102; P.L.217-2007, SEC.100.