§ 28-6.1-8-8 — Exercising powers relating to federal home loan banks and corporations

Indiana § 28-6.1-8-8

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

Text

Subject to any limitations imposed by the
department through policy, a savings bank may do any of the following:
(1) Invest the money deposited in the savings bank in the shares
of the capital stock, bonds, debentures, notes, or other obligations
of a federal home loan bank of the United States.
(2) Become a member of the federal home loan bank of this or an
adjoining district.
(3) Borrow money from:
(A) a bank described in subdivision (2);
(B) the Federal Deposit Insurance Corporation; or
(C) any other corporation.
(4) Transfer, assign to, and pledge with a bank described in
subdivision (2), the Federal Deposit Insurance Corporation, or
other corporation, any of the bonds, notes, contracts, mortgages,
securities, or other property of the savings bank held or acquired,
as security for the payment of loans entered into under
subdivision (3).
(5) Exercise all rights, powers, and privileges conferred upon, and
to do all things and perform all acts required of, members or
shareholders of a federal home loan bank by the Federal Home
Loan Bank Act (12 U.S.C. 1421 through 1449).

Legislative History

As added by P.L.42-1993, SEC.72. Amended by P.L.258-2003, SEC.8.