Sec. 3. Within ten (10) days after any pledge of stock, a mutual holding company shall:
(1) notify the director in writing regarding the terms of the transaction, including the amount of principal and interest, the repayment terms, the maturity date, the nature and amount of collateral, and the terms governing seizure of the collateral; and
(2) include in the notice a certification that the proceeds of the loan have been transferred to the subsidiary savings bank whose stock has been pledged under section 2(a) of this chapter.
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