Indiana Code 5-28-29-24. Sufficient funds required
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Terms Used In Indiana Code 5-28-29-24
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- program: refers to the capital access program created by this chapter. See Indiana Code 5-28-29-11
- reserve fund: means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. See Indiana Code 5-28-29-12
Sec. 24. The corporation may not accept loans for enrollment in the program if the corporation does not have sufficient funds to make the necessary transfer from the corporation to the reserve fund under section 25 of this chapter.
As added by P.L.162-2007, SEC.24.