Purchase and sale of nonsubsidiary corporation stock
Ind. Code § 28-6.1-10-9
in effectSec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.
(b) A savings bank shall sell shares of stock:
(1) acquired under subsection (a); and
(2) that the savings bank would not otherwise have been permitted to buy;
not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.
As added by P.L.42-1993, SEC.72.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/28Fetched: 10/17/2026