§ 28-3-2-10 — Savings banks; request for order to merge, consolidate, or join with acquiring national banking association; requirements

Indiana § 28-3-2-10

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

Text

(a) A savings bank may request that the
department order the savings bank to merge, consolidate, or otherwise
join with an acquiring institution that is a national banking association.
(b) A savings bank may make a request under subsection (a) only if
its board of trustees has, at a regular or special meeting called for that
purpose, by a vote of at least two-thirds (2/3) of the then qualified and
acting trustees, adopted a resolution stating that in the opinion of the
board, the merger, consolidation, or other joining together is in the best
interests of the depositors and other creditors of the savings bank.
(c) The department may order a merger, consolidation, or other
joining requested under subsection (a) if it determines that:
(1) the depositors of the savings bank would not receive any
liquidating dividend upon the dissolution of the savings bank; and
(2) the acquiring institution is willing to be the surviving
corporation.
(d) The approval of the depositors of a savings bank is not required
for a merger, consolidation, or joining together under this section.
(e) A savings bank and an acquiring institution may not merge,
consolidate, or join together under this section if they are located in
different counties.
(f) When two (2) or more institutions merge, consolidate, or join
together under this section, the resulting institution may maintain as a
branch office any principal or branch office of the institution or
institutions with which it merged, consolidated, or joined together.
(g) To facilitate a merger, consolidation, or joining together under
this section, the department may convert the charter, form of
ownership, or operating powers of a savings bank into the charter, form
of ownership, or operating powers of the acquiring institution.

Legislative History

As added by P.L.263-1983, SEC.4.