Indiana § 28-6.1-16-3 Conversion procedure

Indiana Statutes

§ 28-6.1-16-3 — Conversion procedure

Indiana § 28-6.1-16-3

Art. 6.1SAVINGS BANKS

Ch. 16Conversion of a Savings Bank to a Savings and Loan

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Bluebook

Ind. Code § 28-6.1-16-3 (2026).

Text

The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following conditions:

(1)The conversion must be proposed by the board of the savings bank 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 board members.

(3)The savings bank must provide all relevant information requested by the department in connection with the conversion.

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The department shall prescribe the procedure
for conversion under this chapter. The procedure must include the
following conditions:
(1) The conversion must be proposed by the board of the savings
bank 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 board members.
(3) The savings bank must provide all relevant information
requested by the department in connection with the conversion.