Indiana § 28-1-33-13 Winding up activities

Indiana Statutes

§ 28-1-33-13 — Winding up activities

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

The department may authorize the credit union resulting from a charter conversion under this chapter to do the following:

(1)Wind up any activities that the mutual savings bank legally engaged in at the effective time of the charter conversion but that otherwise are not permitted to credit unions.

(2)Retain for a transitional period any assets that the mutual savings bank legally held at the effective time of the charter conversion 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 subdi

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The department may authorize the credit
union resulting from a charter conversion under this chapter to do the
following:
(1) Wind up any activities that the mutual savings bank legally
engaged in at the effective time of the charter conversion but that
otherwise are not permitted to credit unions.
(2) Retain for a transitional period any assets that the mutual
savings bank legally held at the effective time of the charter
conversion 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 charter conversion.

Indiana § 28-1-33-13 (Winding up activities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.