§ 28-6.1-15-4 — Resolutions of conversion

Indiana § 28-6.1-15-4

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 15: Conversion of a Savings Bank to a Bank or Trust

Text

(a) A conversion of a savings bank under this
chapter must be proposed by the board of the savings bank by a
resolution of conversion adopted by the affirmative vote of at least
two-thirds (2/3) of the then qualified and acting trustees.
(b) The resolution of conversion must include the following
information:
(1) The proposed articles of incorporation of the bank or trust
company. The proposed articles of incorporation shall:
(A) insofar as applicable, conform with the provisions of IC 28-12-2; and
(B) set forth the following:
(i) The plan of conversion.
(ii) The manner in which the shares of the capital stock of the
proposed bank or trust company will be subscribed for. The
provisions of IC 28-12-11, IC 28-13-1, IC 28-13-2, and IC 28-13-3 are applicable with respect to the capital
requirements and the par value and incidents of shares of
capital stock of the proposed bank or trust company.
(2) The proposed capital stock and surplus.
(3) The proposed bylaws.
(4) Other information required by the department.
(c) The savings bank must submit to the department three (3) copies
of the resolution of conversion, including the proposed articles of
incorporation, certified by the president and attested by the secretary
of the savings bank.

Legislative History

As added by P.L.42-1993, SEC.72.