§ 28-6.2-2-1 — Procedures for reorganization

Indiana § 28-6.2-2-1

• Jurisdiction: Indiana
• Art. 6.2: MUTUAL SAVINGS BANK HOLDING
• Ch. 2: Reorganizing as a Mutual Savings Bank Holding

Text

A mutual savings bank may, upon application
to and approval by the department, reorganize as a mutual holding
company by:
(1) organizing one (1) or more subsidiary stock savings banks, the
ownership of which shall be evidenced by shares of stock to be
owned by the reorganizing parent savings bank and transferring
a substantial portion of its assets and all of the insured deposits
and part or all of its other liabilities to one (1) or more subsidiary
savings banks; or
(2) organizing a first tier subsidiary stock savings bank and
causing that subsidiary to organize a second tier subsidiary stock
savings bank and transferring, by merger of the reorganizing
savings bank with the second tier subsidiary, a substantial portion
of its assets, all of its insured deposits and part or all of its other
liabilities to the resulting savings bank at which time the first tier
subsidiary stock savings bank becomes a mutual holding
company.

Legislative History

As added by P.L.122-1994, SEC.101.