28-13-16-5. Acquiring or Establishing a Nonqualifying Subsidiary; Application
Sec. 5. A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing: (1) a complete description of the financial institution’s investment in the subsidiary; (2) the activity to be conducted; and (3) a representation that the activity: (A) could be performed by […]
28-13-16-6. Review of Notice or Application; Change in Scope or Nature of Business Activity of Qualifying or Nonqualifying Subsidiary
Sec. 6. (a) The department shall review a financial institution’s notice or application to acquire or establish a qualifying or nonqualifying subsidiary to determine: (1) whether the proposed activities are legally permissible; and (2) whether the proposal endangers the safety or soundness of the financial institution. The director shall either approve or disapprove the application […]
28-13-16-7. Subsidiaries Subject to Examination
Sec. 7. (a) Each qualifying subsidiary and nonqualifying subsidiary is subject to examination by the department or the appropriate federal banking supervisory authorities. (b) If, upon examination, the department determines that a qualifying subsidiary or a nonqualifying subsidiary is operating in violation of law, regulation, or written condition or in an unsafe or unsound manner […]
28-13-16-8. Rules
Sec. 8. The department may adopt rules under IC 4-22-2 or policies to implement this chapter. As added by P.L.215-1999, SEC.10.
28-13-16-2. “Nonqualifying Subsidiary” Defined
Sec. 2. As used in this chapter, “nonqualifying subsidiary” means a foreign or domestic corporation or limited liability company in which a financial institution has fifty percent (50%) or less ownership. As added by P.L.215-1999, SEC.10.
28-13-16-3. “Financial Institution” Defined
Sec. 3. As used in this chapter, “financial institution” means: (1) a bank (as defined by IC 28-1-1-3); (2) a savings bank; (3) a savings association; or (4) an industrial loan and investment company that maintains federal deposit insurance. As added by P.L.215-1999, SEC.10.
28-13-16-4. Acquisition or Establishment; Powers of Subsidiary
Sec. 4. (a) A financial institution or any of its subsidiaries may acquire or establish a qualifying subsidiary by providing the department with written notice before acquiring or establishing the subsidiary. The department shall notify the requesting financial institution of the department’s receipt of the notice. (b) A subsidiary may exercise a power or engage […]
28-13-16-1. “Qualifying Subsidiary” Defined
Sec. 1. As used in this chapter, “qualifying subsidiary” means a foreign or domestic corporation or limited liability company in which a financial institution has more than fifty percent (50%) ownership. As added by P.L.215-1999, SEC.10.