§ 28-1-21.4-9 — Duty of department to prescribe procedures

Indiana § 28-1-21.4-9

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 21.4: Charter Conversion of a Building and Loan

Text

(a) The department shall prescribe
procedures for charter conversions under this chapter.
(b) The procedures prescribed by the department must include the
following:
(1) The savings association must prepare and submit a conversion
plan to the department that provides the terms and conditions of
the charter conversion as required by the department. The
conversion plan must stipulate the manner of distribution of stock.
(2) The conversion plan must be adopted by at least a majority of
the board of directors of the savings association.
(3) Upon approval of a plan of charter conversion by the board of
directors of the savings association, the conversion plan and a
certified copy of the resolution of the board of directors approving
the conversion plan shall be submitted to the department for
approval.
(4) The conversion plan must be conditioned upon the approval
of at least a majority of the total number of votes eligible to be
cast at a regular or special meeting of the voting parties. In
obtaining the approval of the conversion plan by the voting
parties, the converting savings association shall provide to the
voting parties the information regarding the conversion plan that
the department requires. In determining the information that must
be provided, the department shall give due consideration to the
requirements of the regulations of the primary federal regulator
relating to proxy statements governed by Section 14 of the
Securities Exchange Act of 1934 (15 U.S.C. 78n).
(5) The savings association shall provide to the department the
additional relevant information requested by the department in
connection with the conversion plan.

Legislative History

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.52; P.L.27-2012, SEC.56.