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Can you summarize IC 28-1-5?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Banks, Trust Companies, and Building and Loan Associations Generally
Short Summary
The provided legal document content is governed by the Indiana Code, specifically the section related to Banks, Trust Companies, and Building and Loan Associations Generally. It covers the corporate capacity and authority of corporations, stating that corporations have the capacity to act like a natural person but can only perform acts necessary, convenient, or expedient for their purposes and not repugnant to law. The document also lists the general rights, powers, and privileges of corporations, including the ability to continue as a corporation, sue and be sued, acquire and dispose of property, borrow money, conduct business, appoint officers and agents, make bylaws, and dissolve. Additionally, it mentions that corporations may purchase and hold life insurance in various circumstances. The document also outlines the procedure for commencing shareholders’ derivative proceedings, stating that a person may only commence such a proceeding if they were a shareholder at the time of the transaction in question or became a shareholder through transfer by operation of law. The person commencing the proceeding must fairly and adequately represent the interests of the shareholders. The document provides details about the requirements for the complaint in a derivative proceeding, the court’s authority to stay the proceeding, and the board of directors’ ability to establish a committee to determine whether the corporation should pursue a legal or equitable right or remedy. The section also clarifies the definition of a disinterested director or person and includes beneficial owners in the definition of a shareholder. The document emphasizes the importance of maintaining correct and complete books of accounts and minutes of proceedings, as well as keeping records of shareholders and their shares. It also mentions compliance requirements for residential real property financing or refinancing. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks, trust companies, savings associations, shareholders of corporations
What does it govern?
Corporate capacity and authority of corporations, general rights, powers, and privileges of corporations, shareholders' derivative proceedings
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Indiana