28-1-21.7-1. “Department”
Sec. 1. As used in this chapter, “department” means the department of financial institutions and, if applicable, the department’s authorized delegate. As added by P.L.147-1990, SEC.3.
28-1-21.7-10. Approval or Disapproval of Conversion Plan; Requirements
Sec. 10. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 9 of this chapter. (b) Solicitation of the votes of voting parties may occur prior to receipt of the approval of the department. (c) The department may not approve the plan of mutual bank conversion unless the […]
28-1-21.7-11. Powers and Duties of Resulting Mutual Bank
Sec. 11. Upon conversion of a savings association, the resulting mutual bank: (1) possesses all of the rights, privileges, immunities, and powers of a mutual bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a mutual bank; and (3) succeeds by operation of law […]
28-1-21.7-12. Transitional Powers
Sec. 12. The department may authorize the resulting mutual bank to do the following: (1) Wind up any activities legally engaged in by the savings association at the time of mutual bank conversion not permitted to mutual banks. (2) Retain any assets legally held by the savings association at the time of the mutual bank […]
28-1-21.7-13. Retention of Branches
Sec. 13. Notwithstanding IC 28-6.1-12, a mutual bank created by charter conversion may retain all branches lawfully established. As added by P.L.147-1990, SEC.3. Amended by P.L.42-1993, SEC.42.
28-1-21.7-14. Articles of Conversion; Filing
Sec. 14. In order to effect the mutual bank conversion, the converting savings association shall file articles of mutual bank conversion, bearing the approval of the director of the department, with the Indiana secretary of state. The converting savings association shall also file copies of the articles of mutual bank conversion with the county recorder […]
28-1-21.7-15. Statutes and Rules Applicable to Converted Bank
Sec. 15. Upon the effective time of mutual bank conversion, the converted mutual bank, unless otherwise provided in this chapter, immediately becomes subject to all statutes and rules applicable to mutual banks. As added by P.L.147-1990, SEC.3.
28-1-21.7-2. “Effective Time of the Mutual Bank Conversion”
Sec. 2. As used in this chapter, “effective time of the mutual bank conversion” means: (1) the date that articles of mutual bank conversion are filed with the secretary of state; or (2) the date designated in the articles of mutual bank conversion. As added by P.L.147-1990, SEC.3. Amended by P.L.122-1994, SEC.83.
28-1-21.7-3. “Mutual Bank”
Sec. 3. (a) As used in this chapter, “mutual bank” means a mutual savings bank governed by IC 28-6.1. (b) A reference in IC 28-6.1 to formation and operation of a savings bank by a board means formation by conversion under this chapter and operation by a board of directors elected by members under IC […]
28-1-21.7-4. “Mutual Bank Conversion”
Sec. 4. As used in this chapter, “mutual bank conversion” means the conversion of a savings association to a mutual bank. As added by P.L.147-1990, SEC.3.
28-1-21.7-5. Repealed
As added by P.L.147-1990, SEC.3. Repealed by P.L.27-2012, SEC.61.
28-1-21.7-5.1. “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.62.
28-1-21.7-6. “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 its principal office in Indiana. The term includes federally chartered savings associations and savings banks, and state savings and loan associations and building and loan associations, but only if held in the mutual form of […]
28-1-21.7-7. “Voting Parties”
Sec. 7. As used in this chapter, “voting parties” means a mutual savings association’s depositors or members. Voting parties have the voting rights stipulated by the bylaws of the converting savings association. As added by P.L.147-1990, SEC.3.
28-1-21.7-8. 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 mutual bank conversion. As added by P.L.147-1990, SEC.3. Amended by P.L.27-2012, SEC.63.
28-1-21.7-9. Procedures for Conversion
Sec. 9. The department shall prescribe procedures for mutual bank conversions. The procedures prescribed by the department must include the following: (1) The savings association shall prepare and submit a plan of mutual bank conversion to the department that provides the terms and conditions of the mutual bank conversion as required by the department. However, […]