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
Title 28. Financial Institutions
Article 14. Corporate Fiduciaries
28-14-3-3. Articles of Incorporation
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
28-14-3-9. 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
28-14-3-17. 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
28-14-3-21. Appointment by Court Having Jurisdiction; Power to Renounce Appointment
28-14-3-23. Service as Successor Trustee