§ 28-14-4-3 — Real property held without use for more than three years

Real property referred to in section 1(b)(3) of
this chapter may not be held for more than three (3) years without
being used as a corporate fiduciary office or a facility, unless:
(1) the board of directors by resolution:
(A) reaffirms annually that the corporate fiduciary expects to
use the real property as a corporate fiduciary office or a facility
in the future; and
(B) explains the reason why the real property has not yet been
used as an office or a facility; and
(2) the director determines that:
(A) the continued holding of the real property does not
endanger the safety and soundness of the corporate fiduciary;
and
(B) the corporate fiduciary is holding the real property to use in
the future for one (1) of the purposes set forth in section 1(b)(1)
and 1(b)(2) of this chapter.

Legislative History

As added by P.L.262-1995, SEC.90.