Ind. Code § 28-6.1-10-9

Current through P.L. 171-2024

Section 28-6.1-10-9 - Purchase and sale of nonsubsidiary corporation stock

(a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.

(b) A savings bank shall sell shares of stock:

(1) acquired under subsection (a); and

(2) that the savings bank would not otherwise have been permitted to buy;

not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.

IC 28-6.1-10-9

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