§ 28-2-16-3 — "Bank holding company" defined

Indiana § 28-2-16-3

• Jurisdiction: Indiana
• Art. 2: BANKS
• Ch. 16: Foreign Bank Holding Companies

Text

(a) As used in this chapter, "bank holding
company" means any company that controls one (1) or more banks.
(b) For the purposes of this chapter:
(1) a company is not a bank holding company by virtue of its
ownership or control of shares in a fiduciary capacity, unless the
shares are held for the benefit of the shareholders of the company;
(2) a company is not a bank holding company by virtue of its
ownership or control of shares that are acquired by the company
in connection with its underwriting of securities and that are held
only for a period of time as will permit the sale of the shares on a
reasonable basis;
(3) a company formed for the sole purpose of participating in a
proxy solicitation is not a bank holding company by virtue of its
control of voting rights of shares acquired in the course of the
solicitation; and
(4) a company is not a bank holding company by virtue of its
ownership or control of shares acquired in securing or collecting
a debt previously contracted in good faith, until two (2) years after
the date of acquisition.
The department may extend, from time to time but for not more than
one (1) year at a time, the two (2) year period referred to in subdivision
(4), but the extensions may not, in the aggregate, exceed three (3)
years.
(c) For the purposes of this chapter, any successor to a bank holding
company is a bank holding company from the date the predecessor
company became a bank holding company.

Legislative History

As added by P.L.279-1987, SEC.9.