§ 28-5-1-21 — Elimination of certificates of indebtedness or certificates of investment, deposits, or savings accounts

Companies that do not have any certificates
of indebtedness, certificates of investment, deposits, or savings
accounts outstanding shall not be subject to the provisions of sections
5, 8 through 14, and 18 of this chapter. After February 27, 1951, no
company engaged in business on February 27, 1951, under this chapter
as permitted by this section, and no company authorized after February
27, 1951, to engage in business under this chapter, shall at any time
thereafter be empowered and authorized to issue, negotiate, or sell, or
shall issue, negotiate, or sell certificates of investment or indebtedness.
These restrictions shall not limit the power of such corporations
otherwise to borrow money commercially or to issue and sell their
capital stock.
Formerly: Acts 1935, c.181, s.20a; Acts 1951, c.79, s.2. As
amended by P.L.263-1985, SEC.155; P.L.176-1996, SEC.18.