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Can you summarize IC 28-12?
Financial Institutions > FORMATION OF BANKS, TRUST COMPANIES, AND BUILDING AND LOAN ASSOCIATIONS
Short Summary
The provided legal document content pertains to the incorporation and formation of banks, trust companies, and building and loan associations in Indiana. It outlines the requirements for individuals to act as incorporators and the necessary steps to be followed, including the signing and acknowledgment of articles of incorporation before a notary public. The document also specifies the information that must be included in the articles of incorporation, such as the corporate name, authorized shares, principal office address, names and addresses of incorporators and initial directors, and the purpose of the corporation. It further explains the approval process for the articles of incorporation, including the submission of the application and required fees to the department for approval. Once approved, the articles of incorporation are filed with the secretary of state. The document also covers the effective date of incorporation, organizational meetings of the initial directors, capital requirements, and the adoption of bylaws. It emphasizes the importance of adhering to the requirements outlined in the document to ensure a valid and legally recognized incorporation. No specific exemptions or penalties are mentioned in the provided legal document content.
Whom does it apply to?
Individuals seeking to incorporate a corporation in Indiana as a bank, trust company, or building and loan association
What does it govern?
Formation of banks, trust companies, and building and loan associations
What are exemptions?
No specific exemptions are mentioned in the provided legal document content.
What are the Penalties?
No specific penalties are mentioned in the provided legal document content.
Jurisdiction
Indiana