§ 5-1.4-3-4 — Prohibited acts

Indiana § 5-1.4-3-4

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 3: Powers and Duties

Text

The bank may not:
(1) purchase securities other than from a qualified entity or other
than for investment under section 3 of this chapter;
(2) deal in securities within the meaning of or subject to any
securities law, securities exchange law, or securities dealers law
of the United States, of the state, or of any other state or
jurisdiction, domestic or foreign, except as authorized in this
article;
(3) emit bills of credit, accept deposits of money for time or
demand deposit, administer trusts, engage in any form or manner,
or in the conduct of, any private or commercial banking business,
or act as a savings bank, savings association, or any other kind of
financial institution;
(4) engage in any form of private or commercial banking
business; or
(5) purchase securities from a qualified entity located in a county
other than the county in which the bank is located.

Legislative History

As added by P.L.42-1985, SEC.1. Amended by P.L.79-1998, SEC.5.