§ 5-1.4-8-2 — Securities to be purchased and held in name of bank; required documentation

Indiana § 5-1.4-8-2

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 8: Purchase of Securities of Qualified Entities

Text

(a) All securities at any time purchased, held,
or owned by the bank shall at all times be purchased and held in the
name of the bank.
(b) All securities at any time purchased by the bank, upon delivery
to the bank, shall be accompanied by all documentation required by the
board. The documentation must include an approving opinion of
recognized bond counsel, certification and guarantee of signatures, and
certification as to no litigation pending as of the date of delivery of the
securities challenging the validity or issuance of the securities.

Legislative History

As added by P.L.42-1985, SEC.1.