Indiana Statutes
§ 28-5-1-13 — Certificates of indebtedness or investment; reserve balance
Indiana § 28-5-1-13
This text of Indiana § 28-5-1-13 (Certificates of indebtedness or investment; reserve balance) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ind. Code § 28-5-1-13 (2026).
Text
Every company issuing any such certificates
of indebtedness or investment shall at all times maintain a reserve
balance equal to at least three percent (3%) of the total amount paid in
on all of its outstanding certificates of indebtedness or investment,
which said reserve balance shall consist of cash on hand or on demand
deposit with a solvent and going bank or trust company. If at any time
such reserve balance shall be reduced below the amount prescribed in
this section, such company shall not issue any additional certificates of
indebtedness or investment nor make any new loans or pay any
dividends until such reserve balance shall have been fully restored to
the amount prescribed in this section. All of the officers and such of the
directors as participate in violating any of the provi
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Nearby Sections
15
§ 28-1-1-1
Short title§ 28-1-1-2
Application of article§ 28-1-1-3
Definitions§ 28-1-1-3.5
Affiliate relationship§ 28-1-1-3.7
"Emancipated youth"§ 28-1-1-3.9
"Foster youth"§ 28-1-1-4
"Fund"§ 28-1-1-5
References to savings associations§ 28-1-1-6
"Depository financial institution"§ 28-1-1-7
"Qualified youth"§ 28-1-11-11
Safe deposits and escrowsCite This Page — Counsel Stack
Bluebook (online)
Indiana § 28-5-1-13, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/28-5-1-13.