Indiana Code 5-28-29-28. Reserve fund; transaction reports; records
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Sec. 28. (a) If the reserve fund is not maintained with the lender, the corporation shall provide to the lender quarterly transaction reports indicating the following:
(2) Payments and transfers into the reserve fund.
(1) The balance in the reserve fund.
Terms Used In Indiana Code 5-28-29-28
- 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.
- lender: means :
Indiana Code 5-28-29-9
- 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
(3) Withdrawals from the reserve fund.
(4) Interest or income earned on money credited to the reserve fund.
(b) The records of the corporation with respect to all:
(1) payments and transfers into the reserve fund;
(2) withdrawals from the reserve fund; and
(3) interest or income earned on the money credited to the reserve fund;
are available to the lender at the offices of the corporation during normal business hours.
As added by P.L.162-2007, SEC.24.