§ 28-1-7-12 — Consolidation; submission of resolutions and joint agreement to department; approval or disapproval

Indiana § 28-1-7-12

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 7: Merger and Consolidation of Banks, Trust Companies,

Text

(a) After the resolution approving a joint
agreement of consolidation has been adopted by the board of directors
of each of the corporations, the resolutions and joint agreement shall be
submitted to the department. The department may, in its discretion,
approve or disapprove the resolutions and joint agreement.
(b) In deciding whether to approve or disapprove a transaction
under this chapter, the department shall consider the following factors:
(1) Whether the institution resulting from the proposed
transaction will be operated in a safe, sound, and prudent manner.
(2) Whether the financial condition of any institution subject to
the proposed transaction will jeopardize the financial stability of
any other institutions subject to the proposed transaction.
(3) Whether the proposed transaction under this chapter will
result in an institution that has inadequate capital, unsatisfactory
management, or poor earnings prospects.
(4) Whether the management or other principals of the institution
that will result from the proposed transaction under this chapter
are qualified by character and financial responsibility to control
and operate in a legal and proper manner the resulting institution.
(5) Whether the public convenience and advantage will be served
by the resulting institution after the proposed transaction.
(6) Whether the institutions subject to the proposed transaction
under this chapter furnish all the information the department
requires in reaching the department's decision.
Formerly: Acts 1933, c.40, s.125; Acts 1945, c.348, s.24. As
amended by P.L.263-1985, SEC.31; P.L.14-1992, SEC.70;
P.L.122-1994, SEC.51; P.L.171-1996, SEC.5; P.L.90-2008, SEC.23;
P.L.73-2016, SEC.16.