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 of
the business entity is received by the secretary of state and the new
filing or the amendment contains "bank" in the business entity name,
the filing must be forwarded to the department of financial
institutions for review of the use of the term "bank".
(b) A document under subsection (a) may only be filed by the
secretary of state after the filing has been approved by the
department of financial institutions.
(c) The department of financial institutions shall review each
filing forwarded to the department of financial institutions under
section 2 of this chapter and provide notice of the results of the
review 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 determines
that a business entity has violated IC 28-1-20-4, the department of
financial institutions shall notify the secretary of state of the
violation.
(b) The secretary of state shall commence a proceeding under this
section 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 the
business entity violates IC 28-1-20-4.
(c) If the secretary of state commences an administrative
dissolution under subsection (b), the secretary of state shall serve the
business entity with written notice of the determination under
subsection (b)(2). The secretary of state shall, at the same time notice
is sent to the business entity, provide a copy of the notice to the
department 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 department
of financial institutions that the grounds for dissolution do not
exist;
at any time after sixty (60) days after service of the notice is
perfected, the department of financial institutions shall notify the
secretary of state in writing of the continuing violation. After
receiving the written notice from the department of financial
institutions, the secretary of state shall administratively dissolve the
business entity by signing a certificate of dissolution that recites the
grounds for dissolution and the effective date of the dissolution. The
secretary of state shall file the original certificate of dissolution and
serve a copy of the certificate of dissolution on the business entity.
(e) A business entity administratively dissolved under this section
may carry on only those activities necessary to wind up and liquidate
the 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 administrative
dissolution 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 the
business entity's registered office is located;
not later than thirty (30) days after service of the notice of denial is
perfected.
(b) The court may do the following:
(1) Order the secretary of state to reinstate the dissolved
business entity.
(2) Take other action the court considers appropriate.
(c) The court's final decision may be appealed as in other civil
proceedings. 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 any
penalties imposed upon the business entity by IC 28-1-20-4(j). As added by P.L.277-2001, SEC.12.
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 of
the business entity is received by the secretary of state and the new
filing or the amendment contains "bank" in the business entity name,
the filing must be forwarded to the department of financial
institutions for review of the use of the term "bank".
(b) A document under subsection (a) may only be filed by the
secretary of state after the filing has been approved by the
department of financial institutions.
(c) The department of financial institutions shall review each
filing forwarded to the department of financial institutions under
section 2 of this chapter and provide notice of the results of the
review 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 determines
that a business entity has violated IC 28-1-20-4, the department of
financial institutions shall notify the secretary of state of the
violation.
(b) The secretary of state shall commence a proceeding under this
section 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 the
business entity violates IC 28-1-20-4.
(c) If the secretary of state commences an administrative
dissolution under subsection (b), the secretary of state shall serve the
business entity with written notice of the determination under
subsection (b)(2). The secretary of state shall, at the same time notice
is sent to the business entity, provide a copy of the notice to the
department 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 department
of financial institutions that the grounds for dissolution do not
exist;
at any time after sixty (60) days after service of the notice is
perfected, the department of financial institutions shall notify the
secretary of state in writing of the continuing violation. After
receiving the written notice from the department of financial
institutions, the secretary of state shall administratively dissolve the
business entity by signing a certificate of dissolution that recites the
grounds for dissolution and the effective date of the dissolution. The
secretary of state shall file the original certificate of dissolution and
serve a copy of the certificate of dissolution on the business entity.
(e) A business entity administratively dissolved under this section
may carry on only those activities necessary to wind up and liquidate
the 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 administrative
dissolution 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 the
business entity's registered office is located;
not later than thirty (30) days after service of the notice of denial is
perfected.
(b) The court may do the following:
(1) Order the secretary of state to reinstate the dissolved
business entity.
(2) Take other action the court considers appropriate.
(c) The court's final decision may be appealed as in other civil
proceedings. 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 any
penalties imposed upon the business entity by IC 28-1-20-4(j). As added by P.L.277-2001, SEC.12.
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 of
the business entity is received by the secretary of state and the new
filing or the amendment contains "bank" in the business entity name,
the filing must be forwarded to the department of financial
institutions for review of the use of the term "bank".
(b) A document under subsection (a) may only be filed by the
secretary of state after the filing has been approved by the
department of financial institutions.
(c) The department of financial institutions shall review each
filing forwarded to the department of financial institutions under
section 2 of this chapter and provide notice of the results of the
review 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 determines
that a business entity has violated IC 28-1-20-4, the department of
financial institutions shall notify the secretary of state of the
violation.
(b) The secretary of state shall commence a proceeding under this
section 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 the
business entity violates IC 28-1-20-4.
(c) If the secretary of state commences an administrative
dissolution under subsection (b), the secretary of state shall serve the
business entity with written notice of the determination under
subsection (b)(2). The secretary of state shall, at the same time notice
is sent to the business entity, provide a copy of the notice to the
department 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 department
of financial institutions that the grounds for dissolution do not
exist;
at any time after sixty (60) days after service of the notice is
perfected, the department of financial institutions shall notify the
secretary of state in writing of the continuing violation. After
receiving the written notice from the department of financial
institutions, the secretary of state shall administratively dissolve the
business entity by signing a certificate of dissolution that recites the
grounds for dissolution and the effective date of the dissolution. The
secretary of state shall file the original certificate of dissolution and
serve a copy of the certificate of dissolution on the business entity.
(e) A business entity administratively dissolved under this section
may carry on only those activities necessary to wind up and liquidate
the 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 administrative
dissolution 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 the
business entity's registered office is located;
not later than thirty (30) days after service of the notice of denial is
perfected.
(b) The court may do the following:
(1) Order the secretary of state to reinstate the dissolved
business entity.
(2) Take other action the court considers appropriate.
(c) The court's final decision may be appealed as in other civil
proceedings. 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 any
penalties imposed upon the business entity by IC 28-1-20-4(j). As added by P.L.277-2001, SEC.12.
