§ 28-1-32-12 — Winding up activities

Indiana § 28-1-32-12

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

Text

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 not exceed ten
(10) years after the effective time of the conversion.

Legislative History

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