Indiana § 28-5-1-3 - Definitions; department's powers
Full text of Indiana Indiana Code § 28-5-1-3 — Definitions; department's powers, with citation guidance and answers to common questions.
§ 28-5-1-3. Definitions; department's powers
Sec. 3. As used in this chapter and unless a different meaning appears from the context:
(a) The term "capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2.
(b) The term "company" shall mean and include any corporation to which this chapter is applicable.
(c) The term "department" means the department of financial institutions of the state of Indiana.
(d) The department is hereby authorized to approve the issue of capital and investment notes and capital debentures by any company to create capital and surplus, but no such notes and debentures shall be authorized or approved by the department unless such notes and debentures shall, by their terms, provide that the debt, including all accrued and unpaid interest, evidenced thereby shall be subordinate, in order of priority on liquidation, to all of the obligations of the company to the holders of its installment and fully paid certificates of indebtedness or investment and creditors other than such creditors and holders who have expressly agreed otherwise and other than creditors who are such by reason of the ownership of such notes or debentures which the department is authorized to approve by this section.
Formerly: Acts 1935, c.181, s.3; Acts 1937, c.105, s.2; Acts 1955, c.20, s.1; Acts 1971, P.L.399, SEC.1. As amended by P.L.263-1985, SEC.150; P.L.213-2007, SEC.56; P.L.217-2007, SEC.54; P.L.3-2008, SEC.221.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-5-1-3
What does Indiana Code § 28-5-1-3 cover?
Section 28-5-1-3 ("Definitions; department's powers") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 28-5-1-3?
A common citation format is "Indiana Code § 28-5-1-3" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-5-1-3 apply to my situation?
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Sources & Verification
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