Section 28-6.1-7-6 - Purchasing, taking, holding, and disposing of incorporated joint stock land bank notes and mortgages(a) A savings bank may purchase, take, hold, and dispose of notes and mortgages securing the notes, made to any incorporated joint stock land bank if not less than ninety-nine percent (99%) of the stock of the joint stock land bank is owned by the savings bank at the time the notes or mortgages are acquired by the savings bank.(b) Upon dissolution of the joint stock land bank, or at any stage in the process of the dissolution, a savings bank then owning not less than ninety-nine percent (99%) of the stock of the joint stock land bank may take, hold, and dispose of notes, mortgages, or other assets of the joint stock land bank of any nature, including real estate, wherever located, that the joint stock land bank assigns, transfers, conveys, or otherwise makes over to the savings bank by way of final or partial distribution of the joint stock land bank's assets to the joint stock land bank's stockholders upon the dissolution or in connection with the process of the dissolution.(c) An Indiana law:(1) prescribing the nature, amount, location, or form of security;(2) requiring security upon which loans or advances of credit may be made;(3) prescribing or limiting interest rates upon loans or advances of credit;(4) prescribing or limiting the period for which loans or advances of credit may be made;(5) prescribing any ratio between the amount of a loan and the appraised value of the security for the loan; or(6) requiring periodic reductions of the principal of a loan; does not apply to loans, notes, mortgages, real estate, or other assets subject to this section.
As added by P.L. 42-1993, SEC.72.