§ 28-6.2-2-4 — Grounds for disapproving reorganization plan application

Indiana § 28-6.2-2-4

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

Text

The department may disapprove an application
for a mutual holding company reorganization plan if any of the
following applies:
(1) The reorganization would result in unsafe or unsound
practices, or an unsafe or unsound financial institution.
(2) The applicant has not demonstrated that the reorganization
plan is fair to the members of the reorganizing savings bank.
(3) The reorganization plan does not protect the interests of the
deposit account holders of the reorganizing savings bank.
(4) The financial or managerial resources of the reorganizing
savings bank or any acquiree savings bank warrant disapproval.
(5) The mutual holding company or any savings bank subsidiary
would have inadequate capital.
(6) A stock issuance proposed in connection with the mutual
holding company reorganization plan fails to meet the standards
established by the department.
(7) The reorganizing savings bank or any acquiree savings bank
fails to furnish:
(A) information required in the reorganization plan; or
(B) any other information requested by the director regarding
the proposed reorganization plan.

Legislative History

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