§ 28-6.1-8-7 — Becoming Federal Reserve System member and exercising conferred powers

Indiana § 28-6.1-8-7

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 8: Investment and Loan Powers of Savings Banks

Text

A savings bank may do any of the following
to become a member of the Federal Reserve System and exercise all
powers, not in conflict with Indiana law, conferred on a member of the
Federal Reserve Act:
(1) Purchase and hold, for the purpose of becoming a member of
the Federal Reserve System, so much of the capital stock of a
federal reserve bank to qualify the savings bank for membership
under the Federal Reserve Act (12 U.S.C. 221 et seq.).
(2) Do any of the following regarding federal deposit insurance:
(A) Make a deposit with the Federal Deposit Insurance
Corporation to qualify the savings bank for membership in any
fund for insurance of deposits provided by 12 U.S.C. 1811
through 1833e.
(B) Purchase and hold the amount of the capital stock of the
Federal Deposit Insurance Corporation that will qualify the
savings bank for membership in a fund described in clause (A).
(C) Exercise all powers, not in conflict with Indiana law,
conferred upon members of a fund described in clause (A) or
stockholders of the Federal Deposit Insurance Corporation.
(D) Anything necessary or appropriate to acquire and maintain
insurance of the savings bank's deposits in accordance with
federal law.

Legislative History

As added by P.L.42-1993, SEC.72.