§ 28-1-32-8 — Conversion procedures

(a) Except as provided in section 8.1 of this
chapter for the conversion of a mutual savings association into a
federally chartered credit union, the department shall prescribe
procedures for the conversion of a mutual savings association into a
credit union under this chapter.
(b) The procedures prescribed by the department must include the
following:
(1) The savings association must prepare and submit to the
department a conversion plan that provides the terms and
conditions required by the department for the conversion of the
mutual savings association into a credit union.
(2) The conversion plan must be adopted by not less than a
majority of the board of directors of the savings association.
(3) Upon approval of the conversion plan by the board of
directors of the savings association, the conversion plan and a
certified copy of the resolution of the board of directors approving
the conversion plan must be submitted to the department for
approval.
(4) The conversion plan must be conditioned on the approval of
not less than a majority of the total number of votes eligible to be
cast at a regular or special meeting of the voting parties. The
director of the department must approve the method used to notify
the voting parties of the meeting held to consider the conversion
plan. The director of the department may require the converting
savings association to provide the voting parties with information
regarding the conversion plan.
(5) The savings association must provide to the department
additional relevant information requested by the department
regarding the conversion plan.

Legislative History

As added by P.L.1-2006, SEC.491. Amended by P.L.213-2007, SEC.51; P.L.217-2007, SEC.49.