§ 28-5-1-25 — Conversion into state bank, trust company, or savings association

(a) Any industrial loan and investment
company organized under this chapter may, upon approval of the
department, convert into a state bank or trust company or a savings
association.
(b) The department shall prescribe the procedure for conversion
under this section. The department shall prescribe a procedure that
includes the following conditions:
(1) The conversion must be proposed by the board of directors of
the industrial loan and investment company in a resolution of
conversion.
(2) The resolution of conversion must be adopted by an
affirmative vote of at least two-thirds (2/3) of the shareholders of
the industrial loan and investment company.
(3) The industrial loan and investment company must provide all
relevant information requested by the department in connection
with the conversion.
(c) Upon conversion, an industrial loan and investment company has
all the rights, privileges, immunities, and powers, and is subject to all
the duties, restrictions, penalties, and liabilities of a bank or trust
company organized under IC 28-1 or a savings association organized
under IC 28-4 (before its repeal) or under IC 28-15.

Legislative History

As added by P.L.164-1988, SEC.10. Amended by P.L.79-1998, SEC.71.