§ 28-1-21.7-9 — Procedures for conversion

Indiana § 28-1-21.7-9

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

Text

The department shall prescribe procedures
for mutual bank conversions. The procedures prescribed by the
department must include the following:
(1) The savings association shall prepare and submit a plan of
mutual bank conversion to the department that provides the terms
and conditions of the mutual bank conversion as required by the
department. However, if the plan of mutual bank conversion
complies with the requirements of the primary federal regulator,
the plan shall be considered adequate.
(2) The plan of mutual bank 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 mutual bank conversion by the
board of directors of the savings association, the plan of mutual
bank conversion and a certified copy of the resolution of the
board of directors approving the plan of mutual bank conversion
shall be submitted to the department for approval.
(4) The plan of mutual bank 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. The
method used to notify the voting parties of the meeting held to
consider a plan of mutual bank conversion must be approved by
the director of the department. The director may require the
converting savings association to provide the voting parties with
information regarding the plan of mutual bank conversion.
(5) The savings association shall provide to the department the
additional relevant information requested by the department in
connection with the plan of mutual bank conversion.

Legislative History

As added by P.L.147-1990, SEC.3. Amended by P.L.33-1991, SEC.21; P.L.42-1993, SEC.40; P.L.122-1994, SEC.84; P.L.27-2012, SEC.64.