§ 28-5-1-3 — Definitions; department's powers

Indiana § 28-5-1-3

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

Text

As used in this chapter and unless a different
meaning appears from the context:
(a) The term "capital and surplus" or "unimpaired capital and
unimpaired surplus" has the meaning set forth in 12 CFR 32.2.
(b) The term "company" shall mean and include any corporation to
which this chapter is applicable.
(c) The term "department" means the department of financial
institutions of the state of Indiana.
(d) The department is hereby authorized to approve the issue of
capital and investment notes and capital debentures by any company to
create capital and surplus, but no such notes and debentures shall be
authorized or approved by the department unless such notes and
debentures shall, by their terms, provide that the debt, including all
accrued and unpaid interest, evidenced thereby shall be subordinate, in
order of priority on liquidation, to all of the obligations of the company
to the holders of its installment and fully paid certificates of
indebtedness or investment and creditors other than such creditors and
holders who have expressly agreed otherwise and other than creditors
who are such by reason of the ownership of such notes or debentures
which the department is authorized to approve by this section.
Formerly: Acts 1935, c.181, s.3; Acts 1937, c.105, s.2; Acts
1955, c.20, s.1; Acts 1971, P.L.399, SEC.1. As amended by
P.L.263-1985, SEC.150; P.L.213-2007, SEC.56; P.L.217-2007,
SEC.54; P.L.3-2008, SEC.221.