§ 28-1-21.8-9 — Conversion procedures

Indiana § 28-1-21.8-9

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

Text

(a) The department shall prescribe
procedures for stock savings bank conversions.
(b) The procedures prescribed by the department must include the
following:
(1) The savings association must prepare and submit a conversion
plan to the department that provides the terms and conditions of
the stock savings bank conversion as required by the department.
The resulting stock savings bank is not required to register its
stock under the Securities and Exchange Act of 1934 (15 U.S.C.
77b et seq.) unless required by other applicable laws or
regulations. A conversion plan is sufficient if it complies with the
requirements of the primary federal regulator. In case of a stock
savings bank conversion by a mutual savings association, the
conversion plan must specify the manner of distribution of stock
in conformance with the primary federal regulator's regulations
unless otherwise provided in this chapter.
(2) The conversion plan must be adopted by not less than a
majority of the board of directors of the savings association.
(3) Upon approval of the conversion plan by the board of
directors of the savings association, the conversion plan and a
certified copy of the resolution of the board of directors approving
the conversion plan must be submitted to the department for
approval.
(4) The conversion plan must be conditioned on the approval of
not less than a majority of the total number of votes eligible to be
cast at a regular or special meeting of the voting parties. In
obtaining the approval of the conversion plan by the voting
parties, the converting savings association shall provide to the
voting parties the information regarding the conversion plan
required by the department. 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
Security and Exchange Act of 1934 (15 U.S.C. 78n).
(5) The savings association shall provide to the department
additional relevant information requested by the department
regarding the conversion plan.
(c) Voting parties have the voting rights provided by the bylaws or
charter of the converting savings association.

Legislative History

As added by P.L.42-1993, SEC.43. Amended by P.L.27-2012, SEC.67.