§ 28-1-33-8 — Requirements and procedures

(a) Except as provided in section 8.1 of this
chapter for the conversion of a mutual savings bank into a federally
chartered credit union, the department shall prescribe procedures for
charter conversions under this chapter.
(b) The procedures prescribed by the department must include the
following:
(1) The mutual savings bank must prepare and submit to the
department a conversion plan that provides the terms and
conditions required by the department for a charter conversion
under this chapter.
(2) The conversion plan must be adopted by not less than a
majority of the board of directors of the mutual savings bank.
(3) Upon approval of a plan of charter conversion by the board of
directors of the savings bank, 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 upon 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
mutual savings bank to provide the voting parties with
information regarding the conversion plan.
(5) The mutual savings bank must provide to the department the
additional relevant information requested by the department in
connection with the conversion plan.

Legislative History

As added by P.L.1-2006, SEC.492. Amended by P.L.213-2007, SEC.53; P.L.217-2007, SEC.51.