§ 28-1-31-7 — Procedures for charter conversion

The department shall prescribe procedures for
charter conversions. The procedures prescribed by the department must
include the following:
(1) The out-of-state financial institution shall prepare and submit
to the department a plan of charter conversion that provides the
terms and conditions of the charter conversion as required by the
department.
(2) The plan of charter conversion must be adopted by not less
than a majority of the board of directors of the out-of-state
financial institution.
(3) Upon approval of a plan of charter conversion by the board of
directors of the out-of-state financial institution, the plan of
charter conversion and a certified copy of the resolution of the
board of directors approving the plan of charter conversion must
be submitted to the department for approval.
(4) The plan of charter conversion must be conditioned upon the
approval of not less than a majority of the total number of votes
cast at a regular or special meeting of the shareholders.
(5) The out-of-state financial institutions shall provide to the
department the additional relevant information requested by the
department in connection with the plan of charter conversion.

Legislative History

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