§ 28-1-7.5-9 — Articles of exchange; requisites; filing; certificate of exchange; issuance; effectiveness of plan

Indiana § 28-1-7.5-9

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

Text

(a) After the plan of exchange is approved by
shareholders of the bank, trust company, corporate fiduciary, or stock
savings bank and, if required, by the shareholders of the holding
company, and unless the plan of exchange is subsequently abandoned,
the bank, trust company, corporate fiduciary, or stock savings bank and
the holding company shall prepare articles of exchange setting forth:
(1) the plan of exchange;
(2) the manner of the approval of the plan by the directors of the
holding company and the bank, trust company, corporate
fiduciary, or stock savings bank;
(3) the manner of its adoption and the vote by which adopted by
the shareholders; and
(4) the fact that the plan of exchange has been approved by the
department.
(b) The articles of exchange shall be signed under oath on behalf of
each corporation. The articles of exchange shall be filed with the
department. The department shall, if it approves the articles of
exchange, endorse its approval on all copies and file them with the
secretary of state. The secretary of state shall endorse the approval of
the secretary of state on each of the copies and keep one (1) copy of the
articles of exchange, issue a certificate of exchange, and deliver the
remaining copies to the holding company.
(c) The plan of exchange becomes effective upon the issuance of the
certificate of exchange by the secretary of state, unless a later date is
specified.

Legislative History

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.68; P.L.262-1995, SEC.21.