Indiana § 28-1-30-8 Transitional period

Indiana Statutes

§ 28-1-30-8 — Transitional period

Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 30 Charter Conversion of a Credit Union to a Mutual

(a)During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following:

(1)Wind up any activities legally engaged in by the credit union at the time of mutual bank conversion but not permitted to mutual banks.

(2)Retain any assets legally held by the credit union at the time of the mutual bank conversion that may not be held by a mutual bank.

(3)Attain and maintain sixty percent (60%) of its assets in investments that qualify under 26 U.S.C. 7701(a)(19).

(b)The terms and conditions of any transitional period under this section are at the discretion of the department.

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(a) During a transitional period not to exceed
ten (10) years from the effective date of the conversion, the department
may authorize the resulting mutual bank to do the following:
(1) Wind up any activities legally engaged in by the credit union
at the time of mutual bank conversion but not permitted to mutual
banks.
(2) Retain any assets legally held by the credit union at the time
of the mutual bank conversion that may not be held by a mutual
bank.
(3) Attain and maintain sixty percent (60%) of its assets in
investments that qualify under 26 U.S.C. 7701(a)(19).
(b) The terms and conditions of any transitional period under this
section are at the discretion of the department.

Indiana § 28-1-30-8 (Transitional period) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.