§ 28-13-16-5 — Acquiring or establishing a nonqualifying subsidiary; application

Indiana § 28-13-16-5

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

Text

A financial institution or any of its
subsidiaries may acquire or establish a nonqualifying subsidiary by
submitting an application to the department containing:
(1) a complete description of the financial institution's investment
in the subsidiary;
(2) the activity to be conducted; and
(3) a representation that the activity:
(A) could be performed by a financial institution under
statutory authority of this title;
(B) is a part of or incidental to the business of banking as
determined by the director; or
(C) has been authorized as "activity eligible for notice"
procedures under 12 CFR 5.34(e).
The department shall notify the requesting financial institution of the
department's receipt of the application.

Legislative History

As added by P.L.215-1999, SEC.10. Amended by P.L.73-2004, SEC.43; P.L.10-2006, SEC.77 and P.L.57-2006, SEC.77.