§ 28-1-31-10 — Resulting commercial bank may wind up activities and retain assets

Indiana § 28-1-31-10

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 31: Conversion of an Out-of-State Financial Institution

Text

The department may authorize the resulting
commercial bank to do the following:
(1) Wind up any activities that are legally engaged in by the
out-of-state financial institution at the time of charter conversion
but that are not permitted to commercial banks.
(2) Retain any assets that are legally held by the out-of-state
financial institution at the effective time of the charter conversion
but that may not be held by commercial banks for a transitional
period.
The terms and conditions of the transitional period under subdivisions
(1) and (2) are at the discretion of the department. However, the
transitional period may not exceed ten (10) years after the effective
time of the charter conversion.

Legislative History

As added by P.L.1-2006, SEC.490.