Sec. 9. (a) Except as is incidental to its conversion or to obtaining payment for shares of its capital stock, the bank or trust company may not exercise any new power, right, or authority conferred by its conversion, transact any business, or incur any indebtedness, until both of the following occur:
(1) One (1) of the copies of the articles of incorporation with the indicated approval of the secretary of state has been filed with the county recorder of the county in which the principal office of the bank or trust company is located.
(2) The amount of the capital stock of the bank or trust company has been fully paid in.
(b) If the bank or trust company violates this section, its officers and directors are severally liable for any debts or liabilities of the bank or trust company arising from the violation.
As added by P.L.42-1993, SEC.72.
Structure Indiana Code
Title 28. Financial Institutions
Chapter 15. Conversion of a Savings Bank to a Bank or Trust
28-6.1-15-1. Application of Chapter
28-6.1-15-2. Effective Date of Conversion
28-6.1-15-3. Conversion Permitted
28-6.1-15-4. Resolutions of Conversion
28-6.1-15-5. Terms and Conditions of Conversions; Rights of Depositors
28-6.1-15-6. Approval or Disapproval of Resolutions of Conversion by Department
28-6.1-15-7. Notice to Depositors; Objections; Judicial Review
28-6.1-15-8. Approval of Articles of Incorporation by Secretary of State
28-6.1-15-9. Prerequisites to Doing Business
28-6.1-15-10. Effect of Conversions
28-6.1-15-11. Continued Service of Boards