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

Indiana Statutes

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

Indiana·Art. 13 CORPORATE GOVERNANCE·Ch. 16 Financial Institution Subsidiaries

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.

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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.

Indiana § 28-13-16-5 (Acquiring or establishing a nonqualifying subsidiary; application) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.