§ 28-1-31-8 — Approval of plan of charter conversion

(a) The department may approve or disapprove
the plan of charter conversion filed under section 7 of this chapter.
(b) Solicitation of the votes of voting parties may occur before
receipt of the approval of the department.
(c) The department may not approve the plan of charter conversion
unless the department finds, after appropriate investigation or
examination, and without the requirement of a public hearing, that the
following requirements have been fulfilled:
(1) The resulting commercial bank will operate in a safe, sound,
and prudent manner.
(2) The proposed charter conversion will not result in a
commercial bank that has inadequate capital, unsatisfactory
management, or poor earnings prospects.
(3) The management or other principals of the out-of-state
financial institution are qualified by character and financial
responsibility to control and operate in a legal and proper manner
the commercial bank proposed to be formed as a result of the
charter conversion.
(4) The interests of the depositors, the creditors, and the public
generally will not be jeopardized by the proposed charter
conversion.

Legislative History

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