§ 28-1-21.9-9 — Conversion procedures

Indiana § 28-1-21.9-9

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

Text

(a) The department shall prescribe
procedures for charter conversions under this chapter.
(b) The procedures prescribed by the department must include the
following:
(1) The savings bank must prepare and submit a conversion plan
to the department that provides the terms and conditions of the
charter conversion as required by the department. The conversion
plan shall stipulate the manner of distribution of stock.
(2) The conversion plan must be adopted by not less than a
majority of the board of directors of the savings bank.
(3) Upon approval of a plan of charter conversion by the board of
directors of the savings bank, the conversion plan and a certified
copy of the resolution of the board of directors approving the
conversion plan shall be submitted to the department for approval.
(4) The conversion plan shall be conditioned upon 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 bank shall provide to the voting
parties the information regarding the conversion plan that the
department requires. 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
Securities Exchange Act of 1934 (15 U.S.C. 78n).
(5) The savings bank shall provide to the department the
additional relevant information requested by the department in
connection with the conversion plan.

Legislative History

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.42; P.L.27-2012, SEC.70.