Sec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.
(b) A savings bank shall sell shares of stock:
(1) acquired under subsection (a); and
(2) that the savings bank would not otherwise have been permitted to buy;
not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.
As added by P.L.42-1993, SEC.72.
Structure Indiana Code
Title 28. Financial Institutions
Chapter 10. Savings Banks Dealing in Investment Securities
28-6.1-10-1. Application of Limitations
28-6.1-10-2. Total Equity Capital
28-6.1-10-3. Dealing Requirements
28-6.1-10-4. Dealings for Bank's Own Account
28-6.1-10-5. Underwriting or Guaranteeing Issues of Securities
28-6.1-10-7. Purchase and Sale of Government Chartered Small Business Investment Company Stock
28-6.1-10-8. Purchase and Sale of Collateralized Mortgage Obligations
28-6.1-10-9. Purchase and Sale of Nonsubsidiary Corporation Stock
28-6.1-10-10. Purchase and Holding of Banker's Bank Stock
28-6.1-10-11. Investments in Casualty Insurance Companies
28-6.1-10-12. Establishment and Acquisition of Subsidiaries
28-6.1-10-13. Establishment of Trading Accounts