§ 28-1-7.1-8 — Plan of conversion; adoption by board; contents

Indiana § 28-1-7.1-8

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

Text

A majority of the board of directors of a
depository financial institution with mutual ownership must adopt a
plan of voluntary supervisory conversion. The plan adopted must
include the following:
(1) The name and address of the depository financial institution.
(2) The name and address of each proposed purchaser of
conversion shares and a description of that purchaser's
relationship to the depository financial institution.
(3) The title, per unit par value, number, and per unit and
aggregate offering price of shares that the converted depository
financial institution will issue.
(4) The number and percentage of shares that each investor will
purchase or acquire in a merger or other combination.
(5) The aggregate number and percentage of shares that each
director or officer of the converted depository financial
institution, and any affiliates (as defined in IC 28-1-18.2-1) or
associates (as defined in 12 CFR 563b.25) of the director or
officer, will purchase.
(6) A description of any liquidation account to be established in
connection with the voluntary supervisory conversion.
(7) Certified copies of all resolutions of the board of directors of
the depository financial institution relating to the conversion.

Legislative History

As added by P.L.89-2011, SEC.33. Amended by P.L.27-2012, SEC.41.