§ 28-5-1-17 — Rules and regulations

Indiana § 28-5-1-17

• Jurisdiction: Indiana
• Art. 5: INDUSTRIAL LOAN AND INVESTMENT
• Ch. 1: Industrial Loan and Investment Act

Text

The department may by a majority vote of the
members of the commission promulgate rules and regulations for any
of the following purposes:
(1) Prescribing the methods and standards to be used in making
the examinations and evaluating the assets and prescribing the
forms of reports of any company to which this act is applicable.
(2) Defining what is a safe or an unsafe manner and a safe or
unsafe condition for conducting and transacting business by any
company to which this chapter is applicable.
(3) For the establishment of safe and sound methods for the
transaction of business by any such company and for safeguarding
the interests of creditors and shareholders thereof and, subject to
section 6(a)(1) and (c) of this chapter, the rate of interest paid or
to be paid, or service charges to be collected by any such
company upon its certificates of investment or other evidences of
indebtedness issued by it.
(4) For the administration and termination of the affairs of any
such company which is in voluntary or involuntary liquidation or
whose business and property have been taken possession of by the
department pursuant to IC 28-1. And the department may take
possession of the business and property of any such company in
the same manner and reorganize or liquidate the same under the
conditions with reference to other financial institutions as
prescribed in IC 28-1.
Formerly: Acts 1935, c.181, s.17; Acts 1937, c.105, s.5; Acts
1949, c.229, s.2. As amended by Acts 1978, P.L.2, SEC.2817; Acts
1982, P.L.169, SEC.2.