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Can you summarize IC 28-1-9?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Voluntary Dissolution of Banks, Trust Companies, and Building and Loan Associations
Short Summary
These legal documents, governed by the Indiana Code, specifically address the voluntary dissolution of banks, trust companies, and building and loan associations. They outline the authority, procedures, and requirements for surrendering the certificate of incorporation, conducting a vote of shareholders, obtaining approval from the Department of Financial Institutions, appointing a liquidating agent, disposing of assets, paying debts and liabilities, distributing remaining assets, and filing articles of dissolution. The documents also cover the disposition of trust and fiduciary property, the assertion of claims by creditors and shareholders, and the treatment of unclaimed property. The dissolution process must comply with the provisions outlined in the Indiana Code and be approved by the Department of Financial Institutions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, trust companies, building and loan associations, incorporators, shareholders, liquidating agents, creditors, and other interested parties
What does it govern?
Voluntary Dissolution of Banks, Trust Companies, and Building and Loan Associations
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Indiana