Sec. 10. (a) A savings bank may receive deposits of state and federal public funds:
(1) on the same terms and conditions;
(2) with the same rights and privileges; and
(3) subject to the same duties and obligations;
as provided by law for banks of discount and deposit, trust companies, and other financial institutions.
(b) The power under subsection (a) includes the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.
As added by P.L.42-1993, SEC.72. Amended by P.L.35-2010, SEC.145.
Structure Indiana Code
Title 28. Financial Institutions
Chapter 6. General Powers of a Savings Bank
28-6.1-6-1. Discounting, Negotiating, Selling, and Guaranteeing Evidences of Debt
28-6.1-6-2. Buying and Selling Exchange, Coin, and Bullion
28-6.1-6-3. Loaning Money; Engaging in Tax Equity Finance Transactions
28-6.1-6-5. Receiving Savings and Demand Deposits
28-6.1-6-6. Receiving Deposits of Securities and Personal Property
28-6.1-6-7. Contracting for and Receiving Highest Rate of Interest
28-6.1-6-8. Accepting Drafts for Future Payment; Issuing Letters of Credit
28-6.1-6-9. Exercising General Banking Powers; Issuing Money
28-6.1-6-10. Receiving Deposits of State and Federal Public Funds
28-6.1-6-11. Acting as Fiscal or Transfer Agent of Government Bodies
28-6.1-6-13. Acting as Agent to Buy and Sell Transportation
28-6.1-6-15. Acting as Attorney
28-6.1-6-16. Receiving Personal Property for Deposit
28-6.1-6-17. Acting Under Court Appointment
28-6.1-6-18. Acting in Probate
28-6.1-6-19. Acting as Guardian, Trustee, or Personal Representative
28-6.1-6-20. Taking, Accepting, and Executing Trusts
28-6.1-6-21. Acting in Fiduciary Capacity
28-6.1-6-22. Receiving Fees, Commissions, Gifts, and Things of Value
28-6.1-6-23. Requesting Mergers, Consolidations, and Joinings
28-6.1-6-24. Request to Exercise Rights and Privileges Granted to National Banks; Appeal
28-6.1-6-25. Requirement to Provide Property Tax Information in Certain Transactions