§ 28-1-7.1-10 — Denial of application; findings by director

Indiana § 28-1-7.1-10

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 7.1: Voluntary Supervisory Conversion

Text

The director may not approve an application
to engage in a voluntary supervisory conversion if the director makes
any of the following findings:
(1) That the depository financial institution does not meet the
eligibility requirements for a voluntary supervisory conversion
under this chapter, or that the proceeds from the sale of the
conversion stock, less the expenses of the conversion, would be
insufficient to satisfy any applicable viability requirement.
(2) That the transaction is detrimental to or would cause potential
injury to the depository financial institution or is contrary to the
public interest.
(3) That the depository financial institution or its acquirer, or the
controlling parties or directors and officers of the depository
financial institution or its acquirer, have engaged in unsafe or
unsound practices in connection with the voluntary supervisory
conversion.
(4) That the depository financial institution fails to justify an
employment contract incidental to the conversion, or that the
employment contract will be an unsafe or unsound practice or
represent a sale of control.

Legislative History

As added by P.L.89-2011, SEC.33.