§ 28-6.2-3-8 — Stock issuance plan; discretionary provisions

Indiana § 28-6.2-3-8

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

Text

A stock issuance plan may provide the
following:
(1) The offering may be commenced concurrently with or after the
mailing of any proxy statements to the members of the
reorganizing savings bank and any acquiree savings bank if the
stock issuance is part of a reorganization plan. The offering may
be concluded before the required membership votes if the offer
and sale of the stock is conditioned upon the approval of the
reorganization plan and issuance plan by the members of the
reorganizing savings bank and any acquiree savings bank.
(2) Any stock not sold in the offering may be sold in any other
manner provided in the stock issuance plan that is approved by
the department in writing.
(3) Instead of shares of stock, the savings bank may issue and sell
units of securities consisting of stock and long-term warrants or
other equity securities, in which event any reference to stock in
this chapter applies to units of equity securities unless the context
otherwise specifies or requires.
(4) Purchases of stock by persons or entities acting in concert, or
by associates, may not exceed a limit established under the terms
of the stock issuance plan.

Legislative History

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