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

Indiana § 28-1-32-10

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

Text

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.

Legislative History

As added by P.L.1-2006, SEC.491.