§ 28-6.2-3-4 — Stock issuance plan requirements

Indiana § 28-6.2-3-4

• Jurisdiction: Indiana
• Art. 6.2: MUTUAL SAVINGS BANK HOLDING
• Ch. 3: Issuance of Stock

Text

A stock issuance plan must do the following:
(1) Describe all significant terms of the proposed stock issuance
and include:
(A) any proposed stock order form; and
(B) any agreement or other document defining or limiting the
rights of stockholders.
(2) Provide that the aggregate outstanding voting common stock
owned or controlled by persons other than the mutual holding
company at the close of the issuance must be less than fifty
percent (50%) of the total number of shares of outstanding voting
common stock. This provision may be omitted if the issuance will
be conducted by a savings bank that was in the stock form when
acquired by its mutual holding company parent if the savings
bank is not a resulting savings bank or an acquiree savings bank.
Any stock that has no present or contingent voting rights may be
issued by a savings bank subsidiary of a mutual holding company
to persons other than the savings bank's mutual holding company,
consistent with applicable law.

Legislative History

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