§ 28-14-3-8 — Subsidiaries

Indiana § 28-14-3-8

• Jurisdiction: Indiana
• Art. 14: CORPORATE FIDUCIARIES
• Ch. 3: Powers and Duties

Text

(a) A corporate fiduciary may:
(1) exercise any power through a subsidiary; and
(2) purchase, own, and hold shares of stock of a subsidiary.
(b) A subsidiary of a corporate fiduciary may not:
(1) exercise a power that the corporate fiduciary could not
exercise; or
(2) engage in an activity in which the corporate fiduciary would
not be permitted to engage.
(c) A corporate fiduciary may acquire or establish a subsidiary by
submitting an application to the department containing a complete
description of the corporate fiduciary's investment in the subsidiary and
the activity to be conducted.
(d) The department shall review a corporate fiduciary's application
to acquire or establish a subsidiary to determine:
(1) whether the proposed activities are legally permissible; and
(2) whether the proposal endangers the safety and soundness of
the corporate fiduciary.
The director shall either approve or disapprove the application within
sixty (60) days after the date on which the department receives the
application. The period for approval or disapproval may be extended
by the department based on a determination that additional information
from the corporate fiduciary or additional time for analysis is required.
(e) Each subsidiary of a corporate fiduciary is subject to
examination by the department to the same extent as though the
subsidiary were included within the legal entity of the corporate
fiduciary.

Legislative History

As added by P.L.262-1995, SEC.90. Amended by P.L.215-1999, SEC.12.