Sec. 11. Except as otherwise provided in this chapter, any bank or trust company which holds obligations of indebtedness in violation of the limitations prescribed in this chapter shall, not later than July 1, 1936, cause the amount of such obligations to conform to the limitations prescribed by this article and by the provisions of this chapter. The department may, in its discretion, extend the time for effecting such conformity, in individual instances, if the interests of the depositors will be protected and served by such extension. Upon the failure of any bank or trust company to comply with such limitations, in accordance with the terms of this section or in accordance with any order of the department with relation to such limitations, the department may declare that such bank or trust company is conducting its business in an unauthorized or unsafe manner and proceed in accordance with IC 28-1-3.1-2.
Formerly Acts 1933, c.40, s.205. Amended by P.L.263-1985, SEC.68.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 13. Loans and Investments of Banks and Trust Companies
28-1-13-1.1. "Capital and Surplus" or "Unimpaired Capital and Unimpaired Surplus" Defined
28-1-13-1.2. "Loans and Extensions of Credit" Defined
28-1-13-1.6. Exceptions to Limitations on Loans or Extensions of Credit to One Borrower
28-1-13-1.7. Limit on Total Consumer Credit Obligation of One Borrower
28-1-13-7.1. State Chartered Banks; Real Estate Loans
28-1-13-8. Loans on Security of Own Shares; Acquisition of Shares; Disposition
28-1-13-11. Reduction of Existing Obligations Held in Excess of Limitations