§ 28-13-16-4 — Acquisition or establishment; powers of subsidiary

Indiana § 28-13-16-4

• Jurisdiction: Indiana
• Art. 13: CORPORATE GOVERNANCE
• Ch. 16: Financial Institution Subsidiaries

Text

(a) A financial institution or any of its
subsidiaries may acquire or establish a qualifying subsidiary by
providing the department with written notice before acquiring or
establishing the subsidiary. The department shall notify the requesting
financial institution of the department's receipt of the notice.
(b) A subsidiary may exercise a power or engage in an activity
permitted to be performed by a financial institution under the same
conditions and restrictions as if the power or activity is performed by
the financial institution itself, or the activity has been authorized as
"activity eligible for notice" procedures under 12 CFR 5.34(e).
(c) The qualified subsidiary may exercise or engage in the activity
thirty (30) days after the date on which the department receives the
notification unless otherwise notified by the department.

Legislative History

As added by P.L.215-1999, SEC.10. Amended by P.L.258-2003, SEC.29; P.L.73-2004, SEC.42.