§ 28-1-7.1-6 — Director's determination of resulting entity's viability; conditions; authority of director to act; applicability of law governing mergers and consolidations; waiver of law

Indiana § 28-1-7.1-6

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

Text

(a) The director may determine under section
5(1)(B) of this chapter, based upon information then available to the
director, that a voluntary supervisory conversion will likely result in a
depository financial institution becoming a viable entity with stock
ownership if all the following are satisfied:
(1) The depository financial institution resulting from the
conversion will be adequately capitalized.
(2) The depository financial institution resulting from the
conversion, and any person acquiring capital stock in the
depository financial institution resulting from the conversion, will
comply with all applicable supervisory policies.
(3) The depository financial institution involved in, or the one (1)
or more entities resulting from, the conversion will be insured by
the Federal Deposit Insurance Corporation.
(4) The voluntary supervisory conversion is in the best interest of:
(A) the depository financial institution involved in, or the one
(1) or more entities resulting from, the conversion; and
(B) the public.
(5) The voluntary supervisory conversion will not injure or be
detrimental to:
(A) the depository financial institutions involved in, or the one
(1) or more entities resulting from, the conversion; or
(B) the public interest.
(b) The director may act on a voluntary supervisory merger,
consolidation, sale, or other disposition on behalf of the department.
(c) Except as otherwise provided in this chapter, a provision of IC 28-1-7 concerning mergers or consolidations applies to a voluntary
supervisory conversion under this chapter unless the director
determines that the provision should be waived or considered
inapplicable with respect to a particular voluntary supervisory
conversion. The director may make a determination described in this
subsection if the director finds, in the director's discretion, that the
determination will:
(1) facilitate the consummation of the voluntary supervisory
conversion; and
(2) in the director's judgment and considering the available
information under the prevailing circumstances, result in one (1)
or more entities that are more favorable to the public than if:
(A) the provision were not waived or considered inapplicable;
or
(B) the voluntary supervisory conversion were not approved.

Legislative History

As added by P.L.89-2011, SEC.33. Amended by P.L.6-2012, SEC.192.