Indiana Code 28-13-16-5. Acquiring or establishing a nonqualifying subsidiary; application
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Sec. 5. A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing:
(2) the activity to be conducted; and
(1) a complete description of the financial institution’s investment in the subsidiary;
Terms Used In Indiana Code 28-13-16-5
- financial institution: means :
Indiana Code 28-13-16-3
- nonqualifying subsidiary: means a foreign or domestic corporation or limited liability company in which a financial institution has fifty percent (50%) or less ownership. See Indiana Code 28-13-16-2
(3) a representation that the activity:
(A) could be performed by a financial institution under statutory authority of this title;
(B) is a part of or incidental to the business of banking as determined by the director; or
(C) has been authorized as “activity eligible for notice” procedures under 12 C.F.R. § 5.34(e).
The department shall notify the requesting financial institution of the department’s receipt of the application.
As added by P.L.215-1999, SEC.10. Amended by P.L.73-2004, SEC.43; P.L.10-2006, SEC.77 and P.L.57-2006, SEC.77.