IC 23-15-8
    Chapter 8. Use of "Bank" in Business Entity Name

IC 23-15-8-1
"Business entity" defined
    Sec. 1. As used in this chapter, "business entity" means:
        (1) a corporation;
        (2) a limited liability company;
        (3) an association;
        (4) a partnership in any form; or
        (5) any other similar form of business organization;
whether organized for profit or not for profit.
As added by P.L.277-2001, SEC.12.

IC 23-15-8-2
Review of use of term "bank"
    Sec. 2. (a) If a new filing or an amendment changing the name ofthe business entity is received by the secretary of state and the newfiling or the amendment contains "bank" in the business entity name,the filing must be forwarded to the department of financialinstitutions for review of the use of the term "bank".
    (b) A document under subsection (a) may only be filed by thesecretary of state after the filing has been approved by thedepartment of financial institutions.
    (c) The department of financial institutions shall review eachfiling forwarded to the department of financial institutions undersection 2 of this chapter and provide notice of the results of thereview to the secretary of state.
As added by P.L.277-2001, SEC.12.

IC 23-15-8-3
Notice of violation; administrative dissolution proceedings
    Sec. 3. (a) If the department of financial institutions determinesthat a business entity has violated IC 28-1-20-4, the department offinancial institutions shall notify the secretary of state of theviolation.
    (b) The secretary of state shall commence a proceeding under thissection to administratively dissolve a business entity if:
        (1) the name of the business entity contains the word "bank","banc", or "banco"; and
        (2) the department of financial institutions determines that thebusiness entity violates IC 28-1-20-4.
    (c) If the secretary of state commences an administrativedissolution under subsection (b), the secretary of state shall serve thebusiness entity with written notice of the determination undersubsection (b)(2). The secretary of state shall, at the same time noticeis sent to the business entity, provide a copy of the notice to thedepartment of financial institutions.
    (d) If a business entity that receives a notice under subsection (c)does not:        (1) correct the grounds for dissolution; or
        (2) demonstrate to the reasonable satisfaction of the departmentof financial institutions that the grounds for dissolution do notexist;
at any time after sixty (60) days after service of the notice isperfected, the department of financial institutions shall notify thesecretary of state in writing of the continuing violation. Afterreceiving the written notice from the department of financialinstitutions, the secretary of state shall administratively dissolve thebusiness entity by signing a certificate of dissolution that recites thegrounds for dissolution and the effective date of the dissolution. Thesecretary of state shall file the original certificate of dissolution andserve a copy of the certificate of dissolution on the business entity.
    (e) A business entity administratively dissolved under this sectionmay carry on only those activities necessary to wind up and liquidatethe business entity's affairs.
As added by P.L.277-2001, SEC.12. Amended by P.L.73-2004,SEC.14.

IC 23-15-8-4
Appeals
    Sec. 4. (a) The business entity may appeal the administrativedissolution to the circuit court or superior court of the county:
        (1) where the business entity's principal office is located; or
        (2) if the principal office is not located in Indiana, where thebusiness entity's registered office is located;
not later than thirty (30) days after service of the notice of denial isperfected.
    (b) The court may do the following:
        (1) Order the secretary of state to reinstate the dissolvedbusiness entity.
        (2) Take other action the court considers appropriate.
    (c) The court's final decision may be appealed as in other civilproceedings.
As added by P.L.277-2001, SEC.12.

IC 23-15-8-5
Dissolution in addition to other penalties
    Sec. 5. Dissolution under this section is in addition to anypenalties imposed upon the business entity by IC 28-1-20-4(j).
As added by P.L.277-2001, SEC.12.