§ 28-1-33-13 — Winding up activities

Indiana § 28-1-33-13

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

Text

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.

Legislative History

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