§ 28-1-7.1-11 — Approval of application; conditions

Indiana § 28-1-7.1-11

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

Text

(a) The director shall condition approval of
a voluntary supervisory conversion application on the applicant
satisfying all of the following:
(1) The depository financial institution must complete the
conversion stock sale, if any, not later than three (3) months after
the director approves the application. The director may grant an
extension for good cause.
(2) The depository financial institution and its acquirer must
comply with all applicable laws, rules, and regulations.
(3) The depository financial institution and its acquirer must
satisfy any other requirements or conditions imposed by the
director.
(4) The depository financial institution involved in, or the one (1)
or more entities resulting from, the voluntary supervisory
conversion must obtain insurance coverage of their deposits by
the Federal Deposit Insurance Corporation.
(b) The director may condition approval of a voluntary supervisory
conversion application on either of the following:
(1) The applicant must satisfy any conditions and restrictions the
director imposes to prevent unsafe or unsound practices, to
protect the public interest, or to prevent potential injury or
detriment to the depository financial institution before and after
the conversion. The director may impose these conditions and
restrictions on the depository financial institution (before and
after the conversion), its acquirer, controlling parties, or directors
and officers of the depository financial institution or its acquirer.
(2) A larger amount of capital, if necessary, for safety and
soundness reasons must be infused following the voluntary
supervisory conversion.

Legislative History

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