§ 28-1-21.8-11 — Conditions for approval of conversion plans

Indiana § 28-1-21.8-11

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 21.8: Charter Conversion of a Mutual or Stock Savings

Text

The department may not approve the
conversion plan unless the department finds, after appropriate
investigation or examination, all of the following:
(1) That the resulting stock savings bank will operate in a safe,
sound, and prudent manner.
(2) That the proposed stock savings bank conversion will not
result in a stock savings 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 proposed
stock savings bank.
(4) That the interests of the depositors, creditors, and public
generally will not be jeopardized by the proposed stock savings
bank conversion.

Legislative History

As added by P.L.42-1993, SEC.43.