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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 10. (a) A stock savings bank may not:
(1) make a loan or discount on the security of the shares of its own capital stock; or
(2) be the purchaser or holder of shares of its own capital stock;
unless the security or purchase is necessary to prevent loss under a debt previously contracted in good faith.
(b) Stock that may be purchased or acquired under subsection (a) shall be sold or disposed of within six (6) months from the time of its purchase at public or private sale, unless otherwise ordered by the department.
Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-6.1-9-10 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-6-1-9-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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