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Can you summarize IC 28-1-22?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Foreign Corporations
Short Summary
The legal document, as per the Indiana Code, requires foreign corporations to obtain a certificate of admission from the Department of Financial Institutions before conducting business in Indiana. The certificate of admission must be filed with the secretary of state. The document specifies that certain activities listed in IC 23-0.5-5-5(a) do not constitute transacting business within the meaning of the document, and isolated business transactions that are not regular, systematic, or continuing also do not fall under the scope of the document. No specific penalties are mentioned in this document. The document also outlines the requirements for filing an application for admission, the issuance of a certificate of admission, and the authority granted to a foreign corporation upon receiving the certificate. It further states that failure to comply with the provisions of the document may result in the revocation of the certificate of admission. The Department of Financial Institutions has the authority to revoke the certificate of admission under certain circumstances, such as the failure to appoint and maintain an agent in the state for service of legal process, failure to file required documents, or willful misrepresentation of material matters. The document also references the relevant sections of the Indiana Code and the amendments made to the original act. Overall, the document provides the regulatory framework for foreign corporations conducting business in Indiana and outlines the consequences of non-compliance with the requirements.
Whom does it apply to?
The document applies to banks, savings banks, trust companies, corporate fiduciaries, credit unions, industrial loan and investment companies, and savings associations organized under the laws of any other state, the United States, or any other country, and not domiciled in Indiana.
What does it govern?
The legal document governs the admission and regulation of foreign corporations conducting business in the state of Indiana.
What are exemptions?
Certain activities listed in IC 23-0.5-5-5(a) do not constitute transacting business within the meaning of the document, and isolated business transactions that are not regular, systematic, or continuing also do not fall under the scope of the document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Indiana