Indiana Statutes
§ 28-1-32-12 — Winding up activities
Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 32 Conversion of a Mutual Savings Association Into a
The department may authorize the credit union resulting from a conversion under this chapter to do the following:
(1)Wind up any activities that the savings association was legally
engaged in at the effective time of the conversion but that
otherwise are not permitted to credit unions.
(2)Retain for a transitional period any assets that the savings
association legally held at the effective time of the conversion but
that otherwise may not be held by credit unions.
The terms and conditions of the winding up of activities under
subdivision (1) and the retention of assets under subdivision (2) are
subject to the discretion of the department. However, the transitional
period during which activities may be carried out under subdivision (1)
or assets may be retained under subdivision (2) may n
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Legislative History
As added by P.L.1-2006, SEC.491.
Nearby Sections
15
§ 28-1-1-1
Short title§ 28-1-1-2
Application of article§ 28-1-1-3
Definitions§ 28-1-1-3.5
Affiliate relationship§ 28-1-1-3.7
"Emancipated youth"§ 28-1-1-3.9
"Foster youth"§ 28-1-1-4
"Fund"§ 28-1-1-5
References to savings associations§ 28-1-1-6
"Depository financial institution"§ 28-1-1-7
"Qualified youth"§ 28-1-11-11
Safe deposits and escrows