§ 28-1-7.5-5 — Public hearing; requisites; procedures

Indiana § 28-1-7.5-5

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

Text

(a) At the time of the filing of a plan of
exchange with the department, the bank, trust company, corporate
fiduciary, or stock savings bank may submit a written request asking
the department to hold a hearing on the matter. If such a request is
submitted, the department shall hold a public hearing upon the fairness
of the terms, conditions, and provisions of the plan of exchange and the
proposed issuance and exchange of stock of the holding company for
the stock of the bank, trust company, corporate fiduciary, or stock
savings bank. In addition, the department may on its own motion hold
such a public hearing. The shareholders of the bank, the trust company,
the corporate fiduciary, and the holding company and any other
interested party may appear and become a party to the proceeding at
any public hearing at which the fairness of the exchange is to be
determined. The department shall require the bank, trust company,
corporate fiduciary, or stock savings bank and the holding company to
produce such evidence as the director considers necessary to the
hearing.
(b) The department shall commence any public hearing held under
this section not less than thirty (30) days and not more than one
hundred twenty (120) days after the date on which the plan of exchange
is filed with the department. The hearing shall be held at such place,
date, and time as the department shall specify. The hearing may be held
by any member or members of the department, by the director of the
department, by a deputy director of the department, by the supervisor
of the department's division of banks and trust companies, or by any
employee of the department designated by the members of the
department. At least ten (10) days before the hearing, the applicant
shall publish notice of the hearing in a newspaper of general circulation
in the county or counties where the principal offices of the bank, trust
company, corporate fiduciary, or stock savings bank and the holding
company are located and in the county where the hearing will be held.
Written notice of the hearing shall be mailed at least ten (10) days
before the hearing by the bank, trust company, corporate fiduciary, or
stock savings bank and by the holding company to all of their
respective shareholders. All expenses of publication, court reporter
fees, department expenses, and hearing room fees shall be paid by:
(1) the bank, trust company, corporate fiduciary, or stock savings
bank;
(2) the holding company; or
(3) both;
as specified in the plan of exchange.
(c) Except as otherwise provided in this section, the hearing and the
determination made by the department are subject to IC 4-21.5-3.

Legislative History

As added by P.L.238-1983, SEC.10. Amended by P.L.7-1987, SEC.158; P.L.14-1992, SEC.74; P.L.122-1994, SEC.64; P.L.262-1995, SEC.17.