Indiana Code 28-6.1-3-4. Qualifications of trustees
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Sec. 4. An individual must have the following qualifications to be a trustee:
(2) The individual must have an equity in real estate:
(1) The individual must be a citizen of Indiana for at least five (5) years before becoming a trustee.
Terms Used In Indiana Code 28-6.1-3-4
- court: refers to the circuit court, superior court, or probate court of the county in which the savings bank is located. See Indiana Code 28-6.1-3-2
- Trustee: A person or institution holding and administering property in trust.
(A) located in the county in which the savings bank is located; and
(B) worth at least five thousand dollars ($5,000), the value of which is determined by two (2) individuals designated by the court.
(3) The individual must in all respects be a suitable individual to be entrusted with the management of a savings bank.
As added by P.L.42-1993, SEC.72.