"Unitary business" defined
Sec. 18. (a) "Unitary business" means business activities or
operations that are of mutual benefit, dependent upon, or
contributory to one another, individually or as a group, in transacting
the business of a financial institution. The term may be applied
within a single legal entity or between multiple entities and without
regard to whether each entity is a corporation, a partnership, a
limited liability company, or a trust, provided that each member is
either a holding company, a regulated financial corporation, a
subsidiary of either, a corporation that conducts the business of a
financial institution under IC 6-5.5-1-17(d)(2), or any other entity,
regardless of its form, that conducts activities that would constitute
the business of a financial institution under IC 6-5.5-1-17(d)(2) if the
activities were conducted by a corporation. The term "unitary group"
includes those entities that are engaged in a unitary business
transacted wholly or partially within Indiana. However, the term does
not include an entity that does not transact business in Indiana.
(b) Unity is presumed whenever there is unity of ownership,
operation, and use evidenced by centralized management or
executive force, centralized purchasing, advertising, accounting, or
other controlled interaction among entities that are members of the
unitary group, as described in subsection (a). However, the absence
of these centralized activities does not necessarily evidence a
nonunitary business.
(c) Unity of ownership, when a corporation is involved, does not
exist unless that corporation is a member of a group of two (2) or
more business entities and more than fifty percent (50%) of the
voting stock of each member of the group is directly or indirectly
owned by:
(1) a common owner or common owners, either corporate or
noncorporate; or
(2) one (1) or more of the member corporations of the group.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.19; P.L.8-1993, SEC.95; P.L.129-2001, SEC.8.
Last modified: May 28, 2006