Indiana Code
Chapter 3. Powers and Duties
28-14-3-8. Subsidiaries

Sec. 8. (a) A corporate fiduciary may:
(1) exercise any power through a subsidiary; and
(2) purchase, own, and hold shares of stock of a subsidiary.
(b) A subsidiary of a corporate fiduciary may not:
(1) exercise a power that the corporate fiduciary could not exercise; or
(2) engage in an activity in which the corporate fiduciary would not be permitted to engage.
(c) A corporate fiduciary may acquire or establish a subsidiary by submitting an application to the department containing a complete description of the corporate fiduciary's investment in the subsidiary and the activity to be conducted.
(d) The department shall review a corporate fiduciary's application to acquire or establish a subsidiary to determine:
(1) whether the proposed activities are legally permissible; and
(2) whether the proposal endangers the safety and soundness of the corporate fiduciary.
The director shall either approve or disapprove the application within sixty (60) days after the date on which the department receives the application. The period for approval or disapproval may be extended by the department based on a determination that additional information from the corporate fiduciary or additional time for analysis is required.
(e) Each subsidiary of a corporate fiduciary is subject to examination by the department to the same extent as though the subsidiary were included within the legal entity of the corporate fiduciary.
As added by P.L.262-1995, SEC.90. Amended by P.L.215-1999, SEC.12.

Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 14. Corporate Fiduciaries

Chapter 3. Powers and Duties

28-14-3-1. Scope of Chapter

28-14-3-2. Corporate Name

28-14-3-3. Articles of Incorporation

28-14-3-4. Loans

28-14-3-5. Securities Held by Clearing Corporation

28-14-3-6. United States Government Securities

28-14-3-7. Benefits; Incentives; Stock Purchase Programs

28-14-3-8. Subsidiaries

28-14-3-9. Investment and Reinvestment of Assets

28-14-3-10. Acting as Fiscal or Transfer Agent

28-14-3-11. Acting as Insurance Producer for Sale of Annuity Contract or Life Insurance Policy

28-14-3-12. Appointment as Commissioner for Sale of Real Estate; Guardian of Minor or Incapacitated Persons; Trustee, Receiver, Conservator, or Committee of Property or Estate in Insolvency or Bankruptcy Proceedings; Depository of Funds Paid Into Cou...

28-14-3-13. Appointment as Executor, Testamentary Trustee, or Administrator; Corporate Successor to Will Nominee; Co-Fiduciary With Natural Person; Bond or Security

28-14-3-14. Appointment Upon Application or Consent of Person Acting or Entitled to Serve as Guardian, Trustee, Executor, or Administrator

28-14-3-15. Trusts

28-14-3-16. Power to Act in Fiduciary Capacity; Acting as Commissioner for Sale of Real Estate Without Bond or Security; Administration of Oaths

28-14-3-17. Pledge or Deposit of Assets Prohibited

28-14-3-18. Receipt of Property Upon Deposit for Safekeeping or in Escrow

28-14-3-19. Compensation for Fiduciary Services; Counsel Fees

28-14-3-20. Compensation or Commission for Loan Negotiation or Trust Execution Not Considered Interest or Usury

28-14-3-21. Appointment by Court Having Jurisdiction; Power to Renounce Appointment

28-14-3-22. Nonresident Fiduciaries; Establishment of Indiana Office; Rights, Privileges, and Restrictions

28-14-3-23. Service as Successor Trustee

28-14-3-24. Credit Union Service Organizations

28-14-3-25. Powers Relating to Common Trust Funds