§ 28-1-21.6-10 — Approval or disapproval of conversion plan; requirements

Indiana § 28-1-21.6-10

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 21.6: Charter Conversion of Mutual or Stock Savings

Text

(a) The department may approve or
disapprove the plan of charter conversion filed under section 9 of this
chapter.
(b) Solicitation of the votes of voting parties may occur before
receipt of the approval of the department.
(c) The department may not approve the plan of charter conversion
unless the department finds, after appropriate investigation or
examination, and without the requirement of a public hearing, that the
following requirements have been fulfilled:
(1) That the resulting commercial bank will operate in a safe,
sound, and prudent manner.
(2) That the proposed charter conversion will not result in a
commercial bank that has inadequate capital, unsatisfactory
management, or poor earnings prospects.
(3) That the management or other principals of the savings
association are qualified by character and financial responsibility
to control and operate in a legal and proper manner the
commercial bank proposed to be formed as a result of the charter
conversion.
(4) That the interests of the depositors, the creditors, and the
public generally will not be jeopardized by the proposed charter
conversion.

Legislative History

As added by P.L.147-1990, SEC.2.