§ 28-1-7.5-10 — Plan of exchange; consummation by operation of law; effect

Indiana § 28-1-7.5-10

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 7.5: Formation of Certain Bank Holding Companies

Text

At the time that the plan of exchange
becomes effective:
(1) each shareholder ceases to be a shareholder of the bank, trust
company, corporate fiduciary, or stock savings bank;
(2) the ownership of all shares of the issued and outstanding
common stock of the bank, trust company, corporate fiduciary, or
stock savings bank (except shares for which payment of value is
required to be made under section 8 of this chapter) vest in the
holding company automatically without any physical transfer or
deposit of certificates representing those shares;
(3) the articles of incorporation of the holding company are
amended to the extent that any provisions of those articles are
restated in the plan of exchange;
(4) the holding company becomes the sole holder of the common
stock of the bank, trust company, corporate fiduciary, or stock
savings bank and has all of the rights, privileges, immunities and
powers, and (except as otherwise provided in this chapter) is
subject to all of the duties and liabilities, of a shareholder of a
bank, trust company, corporate fiduciary, or stock savings bank;
and
(5) depending upon which option is provided for in the plan of
exchange, certificates representing shares of common stock of the
bank and trust company or corporate fiduciary (except shares for
which payment of value is required to be made under section 8 of
this chapter) become certificates representing either shares of the
issued and outstanding common stock of the holding company, or
the right to receive shares of stock issued by the holding company
upon such terms as are specified in the plan of exchange.

Legislative History

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.69; P.L.262-1995, SEC.22.