§ 28-3-2-1 — Authority to convert, merge, or consolidate

Indiana § 28-3-2-1

• Jurisdiction: Indiana
• Art. 3: LIQUIDATION, REORGANIZATION, AND
• Ch. 2: Merger─State Banks and National Associations

Text

(a) Subject to the applicable provisions of IC 28-2-13 or IC 28-2-17, any bank or trust company may convert into or
merge or consolidate with a national banking association. Nothing
contained in this chapter or in any other law of this state shall be
construed to require the approval of any officer, department, or agency
of this state as a condition to the right of any bank or trust company to
convert into or merge or consolidate with a national banking
association. Subject to the applicable provisions of IC 28-2-13 or IC 28-2-17, upon approval by the department of financial institutions any
national banking association may convert into or merge or consolidate
with a resulting bank or trust company (as defined in IC 28-1-1-3).
Approval shall be granted if the department of financial institutions
determines by examination of the converting, merging, or consolidating
institutions, or otherwise, that the resulting bank or trust company
meets the standards as to location, condition of assets, capital structure,
and quality of management required of banks and trust companies by
IC 28-11-5 or IC 28-2.
(b) A savings bank may merge, consolidate, or join together with a
national banking association under section 10 of this chapter.
Formerly: Acts 1953, c.69, s.1. As amended by P.L.263-1983,
SEC.3; P.L.36-1987, SEC.18; P.L.171-1996, SEC.38.