Ind. Code ch. 28-6.1-11

Ind. Code § 28-6.1-11-1 Application of chapter

Sec. 1. A savings bank may purchase and sell real property only as provided in this chapter. As added by P.L.42-1993, SEC.72.

Ind. Code § 28-6.1-11-2 Purchase, holding, and conveyance of real property

Sec. 2. (a) A savings bank may purchase, hold, and convey real property as follows: (1) As necessary for the convenient transaction of the savings bank's business as provided in IC 28-6.1-7-12. (2) Real property mortgaged to the savings bank in good faith for money loaned, or upon which the savings bank purchased a mortgage. (3) Real property purchased: (A) at sales upon judgments, decrees, or mortgages obtained upon claims in favor of the savings bank; or (B) to prevent loss upon claims held by the savings bank. (4) Real property conveyed to the savings bank: (A) in satisfaction of: (i) debts constructed in the course of the bank's dealings; or (ii) debts, notes, or mortgages purchased by or assigned to the savings bank; or (B) in exchange for real property conveyed to the savings bank. (b) Real property described in subsection (a)(2) and (a)(3) of this chapter shall be sold not more than ten (10) years after the real property has become vested in the savings bank if the sale will bring the amount due on account of the real property. If the real property cannot be sold for a sufficient sum for that purpose, the department may give further time the department considers necessary to sell the real property. As added by P.L.42-1993, SEC.72.

Ind. Code § 28-6.1-11-3 Limitation on investments; investments in holding corporations

Sec. 3. (a) Except with the approval of the department, the sum invested in real property used for the convenient transaction of business may not exceed fifty percent (50%) of the unimpaired capital stock, surplus, and retained earnings of the savings bank. (b) The investment may be made in the stock of a corporation organized to own and hold the real property occupied and used wholly or in part by the savings bank. As added by P.L.42-1993, SEC.72.