§ 28-1-21.6-9 — Procedures for conversion

Indiana § 28-1-21.6-9

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

Text

The department shall prescribe procedures
for charter conversions. The procedures prescribed by the department
must include the following:
(1) The savings association shall prepare and submit a plan of
charter conversion to the department that provides the terms and
conditions of the charter conversion as required by the
department. However, if the plan of charter conversion complies
with the requirements of the primary federal regulator, the plan
shall be considered adequate. In the case of a charter conversion
by a mutual savings association, the plan of charter conversion
shall stipulate the manner of distribution of stock in conformance
with the primary federal regulator's regulations.
(2) The plan of charter conversion must be adopted by not less
than 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 plan of charter conversion
and a certified copy of the resolution of the board of directors
approving the plan of charter conversion shall be submitted to the
department for approval.
(4) The plan of charter conversion shall be conditioned upon the
approval of not less than a majority of the total number of votes
cast at a regular or special meeting of the voting parties. In
obtaining the approval of the plan of charter conversion by the
voting parties, the converting savings association shall provide to
the voting parties the information regarding the plan of charter
conversion that the department requires. In determining the
information that must be provided, the department shall give due
consideration to the requirements of the primary federal
regulator's regulations relating to proxy statements governed by
Section 14 of the Securities and Exchange Act of 1934 (15 U.S.C.
78n).
(5) The savings associations shall provide to the department the
additional relevant information requested by the department in
connection with the plan of charter conversion.

Legislative History

As added by P.L.147-1990, SEC.2. Amended by P.L.42-1993, SEC.36; P.L.27-2012, SEC.60.