Sec. 2. (a) A mutual holding company, to collateralize an obligation of its own or of any of its subsidiaries or affiliates, may pledge any stock that comprises a minority interest in any subsidiary or any stock that the mutual holding company holds in the following:
(1) A subsidiary savings bank, if the proceeds or other benefit of the obligation collateralized are received by the savings bank whose stock is pledged.
(2) A subsidiary savings bank that was in the stock form when acquired.
(3) Any nondepository subsidiary.
(b) A pledge of stock that is not described in subsection (a) may not be made without the prior written approval of the director.
As added by P.L.122-1994, SEC.101.
Structure Indiana Code
Title 28. Financial Institutions
Article 6.2. Mutual Savings Bank Holding Companies
Chapter 5. Powers of a Mutual Holding Company
28-6.2-5-1. Investment and Acquisition Powers; Other Powers
28-6.2-5-3. Pledging Stock; Notification; Certification of Transfer of Proceeds
28-6.2-5-4. Notice of Nonpayment
28-6.2-5-5. Repurchase of Stock; Written Approval
28-6.2-5-6. Acquisition of Additional Shares of Stock
28-6.2-5-7. Permissive Transfer of Stock, Assets, or Liabilities
28-6.2-5-8. Waiver of Right to Receive Dividend; Authorization