§ 28-1-33-8.1 — Conversion to federally chartered credit union; requirements; date of charter conversion

Indiana § 28-1-33-8.1

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

Text

1. (a) A mutual savings bank may convert into
a federally chartered credit union by complying with the following
requirements:
(1) The mutual savings bank must prepare a conversion plan that
provides the terms and conditions for the conversion of the
mutual savings bank into a federal credit union.
(2) The conversion plan must be adopted by not less than a
majority of the board of directors of the mutual savings bank.
(3) Unless the articles of incorporation require a greater or lesser
vote, the conversion plan must be approved by 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.
(4) If the conversion plan is approved by the voting parties under
subdivision (3), the mutual savings bank shall, not later than
ninety (90) days after the plan is approved under subdivision (3),
take all necessary actions to effect the charter conversion.
(5) Not later than ten (10) days after receipt of the federal charter,
the credit union resulting from the charter conversion shall:
(A) file a copy of the federal charter with the department; and
(B) notify the secretary of state that the conversion is complete.
(b) Notwithstanding section 4 of this chapter, the converted federal
credit union ceases to be a savings bank upon the issuance of the
federal charter, unless the federal charter provides for a different
effective date for the charter conversion.

Legislative History

As added by P.L.213-2007, SEC.54; P.L.217-2007, SEC.52.