Sec. 11. (a) Except as otherwise provided in this article, a savings bank that holds obligations of indebtedness in violation of the limitations prescribed in this article shall take action to conform the amount of the obligations to the limitations prescribed by this article.
(b) If a savings bank fails to comply with the limitations of this article or an order of the department in relation to the limitations of this article, the department may find that the savings bank is conducting its business in an unauthorized or unsafe manner and proceed under IC 28-1-3.1-2.
As added by P.L.42-1993, SEC.72.
Structure Indiana Code
Title 28. Financial Institutions
Chapter 9. Lending Limitations of Savings Banks
28-6.1-9-1. "Capital and Surplus" and "Unimpaired Capital and Surplus" Defined
28-6.1-9-2. Loans and Extensions of Credit
28-6.1-9-6. Exceptions to Lending Limitations
28-6.1-9-8. Special Limits for Obligations Secured by Livestock or Dairy Cattle
28-6.1-9-9. Extensions of Credit to Officers, Directors, Trustees, and Principal Shareholders
28-6.1-9-10. Loans or Discounts on Security and Purchase or Holding of Bank's Own Capital Stock
28-6.1-9-11. Conformity With Lending Limitations; Sanctions
28-6.1-9-14. Application of Federal Regulations
28-6.1-9-15. Receiving Fees, Commissions, Gifts, or Things of Value; Violation