§ 28-6.2-4-3 — Required provisions

Indiana § 28-6.2-4-3

• Jurisdiction: Indiana
• Art. 6.2: MUTUAL SAVINGS BANK HOLDING
• Ch. 4: Articles of Reorganization

Text

The articles of reorganization of a mutual
holding company must provide the following:
(1) On the effective date of reorganization or acquisition:
(A) the owners of deposit accounts and borrowers in the
resulting or acquiree savings bank become members of the
mutual holding company; and
(B) the membership rights of the owners and borrowers in the
mutual savings bank end and their membership rights in the
mutual holding company begin.
(2) A person becomes a member of a mutual holding company by:
(A) owning a deposit account in a mutual savings bank that is
a subsidiary of the mutual holding company; or
(B) borrowing from a mutual savings bank that is a subsidiary
of the mutual holding company.
(3) A member of a mutual holding company has one (1) vote for
each one hundred dollars ($100) or additional fraction of one
hundred dollars ($100) of the combined withdrawal value of the
member's deposit accounts in a subsidiary mutual savings bank of
the mutual holding company. Each borrowing member is entitled
to cast one (1) vote as a borrower.
(4) Members of a mutual holding company may vote in person or
by proxy at any meeting. A proxy must be in writing and signed
by the member or the member's authorized representative. Unless
specified in the proxy, a proxy filed with the secretary shall
continue in force until revoked by a written notice to the secretary
or superseded by another proxy. Except as a proxy, a person may
not cast more than fifty (50) votes at any meeting of the members
unless a greater number of votes is authorized by the articles of
reorganization.
(5) A quorum of members at a regular or special meeting shall be
comprised of any number of eligible members voting in person or
by proxy.

Legislative History

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