Indiana § 28-1-21.8-13 Transitional period

Indiana Statutes

§ 28-1-21.8-13 — Transitional period

Indiana § 28-1-21.8-13

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 21.8Charter Conversion of a Mutual or Stock Savings

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Bluebook

Ind. Code § 28-1-21.8-13 (2026).

Text

The department may authorize the resulting stock savings bank to do the following:

(1)Wind up any activities legally engaged in by the savings association at the effective time of the charter conversion not permitted to stock savings banks.

(2)Retain for a transitional period any assets legally held by the savings association at the effective time of the charter conversion that otherwise may not be held by stock savings banks. The terms and conditions of the transitional period under subdivisions

(1)and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.

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The department may authorize the
resulting stock savings bank to do the following:
(1) Wind up any activities legally engaged in by the savings
association at the effective time of the charter conversion not
permitted to stock savings banks.
(2) Retain for a transitional period any assets legally held by the
savings association at the effective time of the charter conversion
that otherwise may not be held by stock savings banks.
The terms and conditions of the transitional period under subdivisions
(1) and (2) are subject to the discretion of the department. However, the
transitional period may not exceed ten (10) years after the effective
time of the charter conversion.