Indiana § 28-6.1-10-9 Purchase and sale of nonsubsidiary corporation stock

Indiana Statutes

§ 28-6.1-10-9 — Purchase and sale of nonsubsidiary corporation stock

Indiana § 28-6.1-10-9

Art. 6.1SAVINGS BANKS

Ch. 10Savings Banks Dealing in Investment Securities

This text of Indiana § 28-6.1-10-9 (Purchase and sale of nonsubsidiary corporation stock) 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 § 28-6.1-10-9 (2026).

Text

(a)Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.

(b)A savings bank shall sell shares of stock:

(1)acquired under subsection (a); and

(2)that the savings bank would not otherwise have been permitted to buy; not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.

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(a) Except as otherwise provided by law, a
savings bank may not purchase shares of stock of a corporation that is
not a subsidiary of that savings bank unless the purchase is considered
expedient to prevent loss from a debt previously contracted in good
faith.
(b) A savings bank shall sell shares of stock:
(1) acquired under subsection (a); and
(2) that the savings bank would not otherwise have been
permitted to buy;
not more than six (6) months after the date of acquisition unless the
director grants an extension of time for the sale.