§ 28-12-8-1 — Conditions for indebtedness or transactions

A corporation may not transact any business or
incur any indebtedness, except as is incidental to its organization or to
obtaining subscriptions to or payment for shares of its capital stock,
unless and until the following requirements are met:
(1) The amount of capital of the corporation as set forth in its
articles of incorporation has been fully paid for in money.
(2) There has been filed with the department the affidavit of not
less than a majority of the board of directors stating that the
amount of capital as stated in its articles of incorporation has been
fully paid in.
(3) There has been filed with the department a certificate or other
written evidence satisfactory to the department that the
corporation has obtained deposit insurance from the Federal
Deposit Insurance Corporation or its successor in interest, unless
the corporation is being organized solely as a trust company.

Legislative History

As added by P.L.14-1992, SEC.162. Amended by P.L.1-1993, SEC.209.