1. (a) This section applies only to a corporation that is organized or reorganized under Indiana law and is any of the following:

   1. (1) A bank and trust company.
   2. (2) A bank.
   3. (3) A savings bank.
   4. (4) A trust company.
   5. (5) A savings association.
   6. (6) An industrial loan and investment company.
   7. (7) A credit union.
   8. (8) A corporate fiduciary.
   9. (9) A bank of discount and deposit.
   10. (10) A loan and trust and safe deposit company.
2. (b) Notwithstanding section 1 of this chapter, the amount of capital stock of a corporation to be organized under this title shall be one hundred dollars ($100) if an existing corporation will be merged into or otherwise acquired by the corporation for which application has been made.
3. (c) The new corporation may not transact business before the merger except as incidental to the merger.
4. (d) Before completion of the merger, the department may conduct any examination into the affairs and records of any party to the merger, as determined by the director to be necessary.
5. (e) Upon completion of the merger, the resulting corporation is subject to the paid-in capital requirement of this title.

As added by P.L.42-1993, SEC.92. Amended by P.L.122-1994, SEC.118; P.L.213-2007, SEC.102; P.L.217-2007, SEC.100.