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 […]
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 […]