§ 28-6.2-5-5 — Repurchase of stock; written approval

Indiana § 28-6.2-5-5

• Jurisdiction: Indiana
• Art. 6.2: MUTUAL SAVINGS BANK HOLDING
• Ch. 5: Powers of a Mutual Holding Company

Text

A subsidiary savings bank of a mutual holding
company that has any stockholders other than the savings bank's mutual
holding company may not repurchase any share of stock within three
(3) years of the stock's date of issuance without the prior written
approval of the director unless the repurchase:
(1) is part of a general repurchase made on a pro rata basis under
an offer approved in writing by the director and made to all
stockholders of the savings bank, except that the savings bank's
mutual holding company may be excluded from the repurchase
with the department's approval; and
(2) is accomplished in the open market by a stock benefit plan of
the savings bank in an amount reasonable and appropriate to fund
the plan.

Legislative History

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