28-1-21.6-1. “Charter Conversion”
Sec. 1. As used in this chapter, “charter conversion” means the conversion of a savings association to a commercial bank. As added by P.L.147-1990, SEC.2.
28-1-21.6-10. Approval or Disapproval of Conversion Plan; Requirements
Sec. 10. (a) The department may approve or disapprove the plan of charter conversion filed under section 9 of this chapter. (b) Solicitation of the votes of voting parties may occur before receipt of the approval of the department. (c) The department may not approve the plan of charter conversion unless the department finds, after […]
28-1-21.6-11. Powers and Duties of Resulting Commercial Bank
Sec. 11. Upon conversion of a savings association, the resulting commercial bank: (1) possesses all of the rights, privileges, immunities, and powers of a commercial bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and (3) succeeds by operation of law […]
28-1-21.6-12. Transitional Powers
Sec. 12. The department may authorize the resulting commercial bank to do the following: (1) Wind up any activities legally engaged in by the savings association at the time of charter conversion not permitted to commercial banks. (2) Retain any assets legally held by the savings association at the effective time of the charter conversion […]
28-1-21.6-13. Retention of Branches
Sec. 13. Notwithstanding IC 28-2-13, a commercial bank created by charter conversion may retain all branches lawfully established. As added by P.L.147-1990, SEC.2. Amended by P.L.42-1993, SEC.38.
28-1-21.6-14. Articles of Conversion; Filing
Sec. 14. In order to effect the charter conversion, the converting savings association shall file articles of charter conversion, bearing the approval of the director of the department, with the secretary of state. The converting savings association shall also file copies of the articles of charter conversion with the county recorder of the county where […]
28-1-21.6-15. Statutes and Rules Applicable to Converted Bank
Sec. 15. Upon the effective time of charter conversion, the converted commercial bank shall, unless otherwise provided in this chapter, immediately become subject to all statutes and rules applicable to commercial banks. As added by P.L.147-1990, SEC.2.
28-1-21.6-2. “Commercial Bank”
Sec. 2. As used in this chapter, “commercial bank” means a stock bank or trust company (as defined by IC 28-1-1-3(2)). As added by P.L.147-1990, SEC.2. Amended by P.L.42-1993, SEC.35.
28-1-21.6-3. “Department”
Sec. 3. As used in this chapter, “department” means the Indiana department of financial institutions and, if applicable, the department’s authorized delegate. As added by P.L.147-1990, SEC.2.
28-1-21.6-4. “Effective Time of the Charter Conversion”
Sec. 4. As used in this chapter, “effective time of the charter conversion” means: (1) the date that articles of conversion are filed with the Indiana secretary of state; or (2) the date designated in the articles of conversion. As added by P.L.147-1990, SEC.2. Amended by P.L.122-1994, SEC.82.
28-1-21.6-5. Repealed
As added by P.L.147-1990, SEC.2. Repealed by P.L.27-2012, SEC.57.
28-1-21.6-5.1. “Primary Federal Regulator”
Sec. 5.1. As used in this chapter, “primary federal regulator” means the federal agency primarily responsible for the regulation of: (1) savings associations; or (2) savings association holding companies; organized under the laws of any state or the United States. As added by P.L.27-2012, SEC.58.
28-1-21.6-6. “Savings Association”
Sec. 6. As used in this chapter, “savings association” means an institution (as defined in 12 U.S.C. 1813(b)) that maintains the principal office of the institution in Indiana. The term includes federally chartered savings associations and savings banks, and state savings and loan associations and building and loan associations, whether in stock or mutual form […]
28-1-21.6-7. “Voting Parties”
Sec. 7. As used in this chapter, “voting parties” means in the case of a mutual savings association the mutual savings association’s depositors or members, and in the case of a stock savings association the stock savings association’s stockholders. Voting parties have the voting rights stipulated by the bylaws of the converting savings association. As […]
28-1-21.6-8. Conversion Upon Approval
Sec. 8. Any savings association may, upon approval of the department and, if required by federal law, the primary federal regulator, effect a charter conversion. As added by P.L.147-1990, SEC.2. Amended by P.L.27-2012, SEC.59.
28-1-21.6-9. Procedures for Conversion
Sec. 9. The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following: (1) The savings association shall prepare and submit a plan of charter conversion to the department that provides the terms and conditions of the charter conversion as required by the department. However, if the plan […]