Indiana § 28-6.1-15-9 Prerequisites to doing business

Indiana Statutes

§ 28-6.1-15-9 — Prerequisites to doing business

Indiana § 28-6.1-15-9

Art. 6.1SAVINGS BANKS

Ch. 15Conversion of a Savings Bank to a Bank or Trust

This text of Indiana § 28-6.1-15-9 (Prerequisites to doing business) 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 § 28-6.1-15-9 (2026).

Text

(a)Except as is incidental to its conversion or to obtaining payment for shares of its capital stock, the bank or trust company may not exercise any new power, right, or authority conferred by its conversion, transact any business, or incur any indebtedness, until both of the following occur:

(1)One (1) of the copies of the articles of incorporation with the indicated approval of the secretary of state has been filed with the county recorder of the county in which the principal office of the bank or trust company is located.

(2)The amount of the capital stock of the bank or trust company has been fully paid in.

(b)If the bank or trust company violates this section, its officers and directors are severally liable for any debts or liabilities of the bank or trust company arising from the

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(a) Except as is incidental to its conversion
or to obtaining payment for shares of its capital stock, the bank or trust
company may not exercise any new power, right, or authority conferred
by its conversion, transact any business, or incur any indebtedness,
until both of the following occur:
(1) One (1) of the copies of the articles of incorporation with the
indicated approval of the secretary of state has been filed with the
county recorder of the county in which the principal office of the
bank or trust company is located.
(2) The amount of the capital stock of the bank or trust company
has been fully paid in.
(b) If the bank or trust company violates this section, its officers and
directors are severally liable for any debts or liabilities of the bank or
trust company arising from the violation.