§ 28-1-21.9-11 — Conditions for approval of conversion plans

Indiana § 28-1-21.9-11

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 21.9: Charter Conversion of a Mutual Savings Bank to a

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 charter 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 bank
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, the creditors, and the
public generally will not be jeopardized by the proposed charter
conversion.

Legislative History

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.45.