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Indiana Code Title 28. Financial Institutions § 28-6.2-1-7

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 7. (a) “Control” of a savings bank means:

(1) controlling, owning, or having the power to vote, directly or indirectly, or acting through one (1) or more persons, twenty-five percent (25%) or more of any class of voting securities of the savings bank;  or

(2) in any manner controlling the election of a majority of the directors of the savings bank.

(b) “Control” of a savings bank also exists if the department determines, after notice and opportunity for hearing, that a person directly or indirectly exercises a controlling influence over the management or policies of the savings bank.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-6.2-1-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-6-2-1-7/

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