§ 28-1-7.5-2 — Acquisition of bank, trust company, corporate fiduciary, or stock savings bank by holding company under plan of exchange

Indiana § 28-1-7.5-2

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

Text

All the outstanding shares of common stock
of any bank, trust company, corporate fiduciary, or stock savings bank
may be acquired by any corporation organized under IC 23-1 if the
acquisition is made under a plan of exchange approved in the manner
provided in this chapter. Such a plan of exchange must provide for:
(1) the exchange of all the outstanding shares of common stock of
the bank, trust company, corporate fiduciary, or stock savings
bank for shares of common stock to be issued by the holding
company at the rate of one (1) share of holding company stock for
each share of bank, trust company, corporate fiduciary, or stock
savings bank stock; and
(2) the redemption by the holding company, under unconditional
rights granted by its articles of incorporation or bylaws or by
agreement between the holding company and its shareholders, of
all of the shares of common stock of the holding company that
may be outstanding immediately before the exchange.

Legislative History

As added by P.L.238-1983, SEC.10. Amended by P.L.149-1986, SEC.62; P.L.122-1994, SEC.61; P.L.262-1995, SEC.14.