§ 28-1-21.7-10 — Approval or disapproval of conversion plan; requirements

Indiana § 28-1-21.7-10

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 21.7: Charter Conversion of Mutual Savings Associations

Text

(a) The department may approve or
disapprove the plan of mutual bank conversion filed under section 9 of
this chapter.
(b) Solicitation of the votes of voting parties may occur prior to
receipt of the approval of the department.
(c) The department may not approve the plan of mutual bank
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 mutual bank will operate in a safe, sound,
and prudent manner.
(2) That the proposed mutual bank conversion will not result in a
mutual 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 mutual
bank proposed to be formed as a result of the mutual bank
conversion.
(4) That the interests of the depositors and creditors, and of the
public generally, will not be jeopardized by the proposed mutual
bank conversion.

Legislative History

As added by P.L.147-1990, SEC.3.