§ 28-1-30-6 — Approval of conversion

(a) The department may approve or disapprove
the plan of mutual bank conversion filed under section 5 of this
chapter.
(b) The department may not approve a plan of mutual bank
conversion unless the department finds, after appropriate investigation
or examination, but without the requirement of a public hearing, that:
(1) the resulting mutual bank will operate in a safe, sound, and
prudent manner;
(2) the proposed mutual bank conversion will not result in a
mutual bank that has inadequate capital, unsatisfactory
management, or poor earnings prospects;
(3) the management or other principals of the credit union are
qualified by character and financial responsibility to control and
operate in a legal and proper manner the mutual bank proposed to
be formed as a result of the mutual bank conversion; and
(4) the interests of the:
(A) members and creditors of the credit union;
(B) depositors and creditors of the mutual bank; and
(C) public generally;
will not be jeopardized by the proposed mutual bank conversion.

Legislative History

As added by P.L.62-1999, SEC.2.