§ 28-6.2-2-5 — Requirements for approval of reorganization plan application

Indiana § 28-6.2-2-5

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

Text

(a) The department may not approve an
application for a mutual holding company reorganization unless the
department finds, after an appropriate investigation or examination,
that the following requirements have been satisfied:
(1) That the reorganizing savings bank and any acquiree savings
bank will operate in a safe, sound, and prudent manner.
(2) That the proposed reorganization will not result in a
reorganizing savings bank or any acquiree savings bank that has
inadequate capital, unsatisfactory management, or poor earnings
prospects.
(3) That the management or other principals of the mutual holding
company are qualified by character and financial responsibility to
control and operate in a legal and proper manner the mutual
holding company that would result from the execution of the
reorganization plan.
(4) That the interests of the depositors and creditors and of the
public in general will not be jeopardized by the proposed
reorganization of the savings bank into a mutual holding
company.
(b) The department may conduct a public hearing to determine if the
requirements of this section have been satisfied.

Legislative History

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