Note: This version of section effective until 1-1-2018. See also following repeal of this chapter, effective 1-1-2018.

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.

1. (b) The secretary of state shall commence a proceeding under this section to administratively dissolve a business entity if:

   1. (1) the name of the business entity contains the word, or a derivation of the word, "bank", "banc", "banco", or "bankcor"; and
   2. (2) the department of financial institutions determines that the business entity violates IC 28-1-20-4 .
2. (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.

3. (d) If a business entity that receives a notice under subsection (c) does not:

   1. (1) correct the grounds for dissolution; or

   2. (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.

4. (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; P.L.186-2015, SEC.3.