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28-14-4-3. Real property held without use for more than three years

IN Code § 28-14-4-3 (2019) (N/A)
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Sec. 3. Real property referred to in section 1(b)(3) of this chapter may not be held for more than three (3) years without being used as a corporate fiduciary office or a facility, unless:

(1) the board of directors by resolution:

(A) reaffirms annually that the corporate fiduciary expects to use the real property as a corporate fiduciary office or a facility in the future; and

(B) explains the reason why the real property has not yet been used as an office or a facility; and

(2) the director determines that:

(A) the continued holding of the real property does not endanger the safety and soundness of the corporate fiduciary; and

(B) the corporate fiduciary is holding the real property to use in the future for one (1) of the purposes set forth in section 1(b)(1) and 1(b)(2) of this chapter.

As added by P.L.262-1995, SEC.90.

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28-14-4-2. Real property held without use for one year
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28-14-4-4. Real property held without use for more than ten years