Indiana § 28-1-32-10 Requirements for approval

Indiana Statutes

§ 28-1-32-10 — Requirements for approval

Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 32 Conversion of a Mutual Savings Association Into a

The department may not approve a conversion plan unless the department finds, after appropriate investigation or examination, all of the following:

(1)The resulting credit union will operate in a safe, sound, and prudent manner.

(2)The proposed credit union conversion will not result in a credit union that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(3)The management or other principals of the savings association are qualified by character and financial responsibility to control and operate the proposed credit union in a legal and proper manner.

(4)The interests of the depositors, creditors, and public generally will not be jeopardized by the proposed credit union conversion.

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The department may not approve a
conversion plan unless the department finds, after appropriate
investigation or examination, all of the following:
(1) The resulting credit union will operate in a safe, sound, and
prudent manner.
(2) The proposed credit union conversion will not result in a
credit union that has inadequate capital, unsatisfactory
management, or poor earnings prospects.
(3) The management or other principals of the savings association
are qualified by character and financial responsibility to control
and operate the proposed credit union in a legal and proper
manner.
(4) The interests of the depositors, creditors, and public generally
will not be jeopardized by the proposed credit union conversion.

Indiana § 28-1-32-10 (Requirements for approval) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.