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IC 28-6.1-17-1
Grounds for seizure of business and property
Sec. 1. The department may take possession of the business and
property of a savings bank if any of the following occur:
(1) The savings bank fails for thirty (30) days to pay any of its
depositors as required by law.
(2) The department determines that the board or officers of the
savings bank are mismanaging the savings bank's affairs.
(3) Any of the conditions described in IC 28-1-3.1-2 apply to
the savings bank.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-17-2
Law governing procedure and parties
Sec. 2. IC 28-1-3.1 governs the following:
(1) The authority and the procedures under which the
department administers the liquidation of a savings bank under
this chapter.
(2) The respective rights, powers, privileges, duties, and
liabilities of the department, the savings bank, and all interested
parties.
As added by P.L.42-1993, SEC.72.