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Indiana Code Title 5. State and Local Administration § 5-28-29-26

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

Sec. 26. (a) All money credited to the reserve fund is under the exclusive control of the corporation.  The corporation may not withdraw money from the reserve fund, except as specifically provided in this chapter.

(b) If money in the reserve fund is not deposited by the corporation in an account with the lender, the money must be invested or reinvested by the corporation in one (1) of the following:

(1) Direct obligations of the United States, the principal and interest of which are unconditionally guaranteed by the United States.

(2) A deposit account at a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.

(c) All interest earned in a reserve fund account shall be credited to that account.  Fifty percent (50%) of the interest earned may be withdrawn by the corporation from that account and used for any purpose.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-28-29-26 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-28-29-26/

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