§ 28-14-5-4 — Purchase for own account and sale of investment securities

Indiana § 28-14-5-4

• Jurisdiction: Indiana
• Art. 14: CORPORATE FIDUCIARIES
• Ch. 5: Investments of Corporate Fiduciaries

Text

(a) A corporate fiduciary may purchase for its
own account and sell investment securities under the limitations and
restrictions the department prescribes by rule or policy. However, the
total amount of the investment securities of any one (1) obligor or
maker purchased or held by a corporate fiduciary for its own account
shall not at any time exceed ten percent (10%) of the amount of the
total equity capital of the corporate fiduciary.
(b) The limitations imposed by subsection (a) do not apply to:
(1) the direct or indirect obligations of the United States; or
(2) the direct obligations of:
(A) a United States territory or insular possession;
(B) the state of Indiana; or
(C) any municipal corporation or taxing district in Indiana.

Legislative History

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