Indiana Code
Chapter 3. Name of Entity
23-0.5-3-5. Use of "Bank" or Derivative; Review; Violation; Administrative Dissolution; Appeal

Sec. 5. (a) If a new filing or an amendment changing the name of the filing entity is received by the secretary of state and the new filing or the amendment contains "bank", or any derivative of "bank", in the filing entity's name, the filing must be forwarded to the department of financial institutions for review and a determination concerning whether the use of the term "bank" (or the derivative) violates IC 28-1-20-4.
(b) A document under subsection (a) may be filed by the secretary of state only after the filing has been approved by the department of financial institutions.
(c) The department of financial institutions shall review each filing forwarded to the department of financial institutions under subsection (a) and provide notice of the results of the review to the secretary of state.
(d) If the department of financial institutions determines that a filing entity has violated IC 28-1-20-4, the department of financial institutions shall notify the secretary of state of the violation.
(e) The secretary of state shall commence a proceeding under this section to administratively dissolve a filing entity if:
(1) the name of the filing entity contains the word, or a derivation of the word, "bank", "banc", "banco", or "bankcor"; and
(2) the department of financial institutions determines that the filing entity violates IC 28-1-20-4.
(f) If the secretary of state commences an administrative dissolution under subsection (e), the secretary of state shall provide to the filing entity written notice of the determination under subsection (e)(2). The secretary of state shall, at the same time notice is sent to the filing entity, provide a copy of the notice to the department of financial institutions.
(g) If a filing entity that receives a notice under subsection (f) does not:
(1) correct the grounds for dissolution; or
(2) demonstrate to the reasonable satisfaction of the department of financial institutions that the grounds for dissolution do not exist;
at any time after sixty (60) days after the notice is provided, the department of financial institutions shall notify the secretary of state in writing of the continuing violation. After receiving the written notice from the department of financial institutions, the secretary of state shall administratively dissolve the filing entity by signing a certificate of administrative dissolution that recites the grounds for dissolution and the effective date of the dissolution. The secretary of state shall file the original certificate of administrative dissolution and provide a copy of the certificate of administrative dissolution to the filing entity.
(h) A filing entity administratively dissolved under this section may carry on only those activities necessary to wind up and liquidate the filing entity's affairs.
(i) The filing entity may appeal the administrative dissolution to the circuit court or superior court of the county:
(1) where the filing entity's principal office is located; or
(2) if the principal office is not located in Indiana, where the filing entity's registered office is located;
not later than thirty (30) days after service of the notice of denial is perfected.
(j) The court may do the following:
(1) Order the secretary of state to reinstate the dissolved filing entity.
(2) Take other action the court considers appropriate.
(k) The court's final decision may be appealed as in other civil proceedings.
(l) Dissolution under this section is in addition to any penalties imposed upon the filing entity under IC 28-1-20-4(j), as well as any other penalties under IC 28.
As added by P.L.118-2017, SEC.5. Amended by P.L.52-2018, SEC.9.

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