§ 28-1-33-11 — Requirements for approval

Indiana § 28-1-33-11

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 33: Charter Conversion of a Mutual Savings Bank Into a

Text

The department may not approve the
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 charter 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 mutual savings
bank 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, the creditors, and the public
generally will not be jeopardized by the proposed charter
conversion.
(5) The proposed membership of the resulting credit union will
comply with the membership requirements of IC 28-7-1-10.

Legislative History

As added by P.L.1-2006, SEC.492.