§ 28-1-7.5-6 — Approval or disapproval of plan of exchange by department; order; findings of fact; judicial review

Indiana § 28-1-7.5-6

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

Text

(a) The department shall issue an order
approving the plan of exchange as delivered to it by the bank, trust
company, corporate fiduciary, or stock savings bank and the holding
company, including any modifications to the plan as the board of
directors of each corporation may approve, unless it finds that:
(1) the plan, including any modifications, would adversely affect
the financial stability or management of the bank, trust company,
corporate fiduciary, or stock savings bank or the general capacity
or intention to continue the safe and sound conduct of the bank,
trust company, corporate fiduciary, or stock savings bank;
(2) the terms and conditions of the plan of exchange are unfair
and unreasonable to the shareholders of the bank, trust company,
corporate fiduciary, or stock savings bank; or
(3) the plans or proposals that the holding company has to
liquidate the bank, trust company, corporate fiduciary, or stock
savings bank, sell its assets or consolidate or merge it with any
person, or to make any other material change in its investment
policy, business, corporate structure, or management, are unfair
and unreasonable to the shareholders of the bank, trust company,
corporate fiduciary, or stock savings bank and not in the public
interest.
(b) If a hearing is held on the plan of exchange, the department shall
issue its order approving or disapproving the plan within ninety (90)
days of the date of hearing. The department shall include its findings
of fact in the order. If the department approves the plan, the findings of
fact must include a finding that the terms and conditions of the plan
and of the issuance and exchange of holding company stock for stock
of the bank, trust company, corporate fiduciary, or stock savings bank
are fair and reasonable to the shareholders of the bank, trust company,
corporate fiduciary, or stock savings bank. Any party to the
proceedings aggrieved by the order is entitled to a judicial review in
accordance with IC 4-21.5-5.
(c) If no hearing is held on the plan of exchange, the department
shall issue an order approving or disapproving the plan, within ninety
(90) days after the date on which the plan of exchange is filed with the
department. The department may issue the order without including its
findings of facts.

Legislative History

As added by P.L.238-1983, SEC.10. Amended by P.L.7-1987, SEC.159; P.L.122-1994, SEC.65; P.L.262-1995, SEC.18.