28-1-21.9-10. Approval or Disapproval of Conversion Plans by Department; Hearings; Solicitation of Votes
Sec. 10. (a) The department may approve or disapprove the conversion plan filed under section 9 of this chapter. (b) The department is not required to hold a hearing on the conversion plan. (c) Solicitation of the votes of voting parties may occur before the savings bank receives approval of the department, if the director […]
28-1-21.9-11. Conditions for Approval of Conversion Plans
Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following: (1) That the resulting stock savings bank will operate in a safe, sound, and prudent manner. (2) That the proposed charter conversion will not result in a stock savings bank that has […]
28-1-21.9-12. Rights and Obligations of Converted Stock Savings Banks
Sec. 12. At the effective time of the charter conversion, the resulting stock savings bank: (1) possesses all of the rights, privileges, immunities, and powers of a stock savings bank; (2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a stock savings bank; […]
28-1-21.9-13. Transitional Period
Sec. 13. The department may authorize the resulting stock savings bank to do the following: (1) Wind up any activities legally engaged in by the savings bank at the effective time of the charter conversion not permitted to stock savings banks. (2) Retain for a transitional period any assets legally held by the savings bank […]
28-1-21.9-14. Retention of Branches
Sec. 14. Notwithstanding IC 28-6.1-12, a stock savings bank created by charter conversion may retain all branches lawfully established. As added by P.L.42-1993, SEC.44.
28-1-21.9-15. Articles of Charter Conversion
Sec. 15. (a) To effect the charter conversion, the converting savings bank must file with the secretary of state articles of charter conversion showing the approval of the director of the department. (b) The converting savings bank shall record copies of the articles of charter conversion with the county recorder of the county where the […]
28-1-21.9-16. Application of Banking Law
Sec. 16. (a) Except as provided in subsection (c), a stock savings bank formed under this chapter is governed by IC 28-6.1. (b) For purposes of a stock savings bank formed under this chapter, a reference in IC 28-6.1 to formation and operation by a board means: (1) formation by conversion under this chapter; and […]
28-1-21.9-1. Charter Conversion
Sec. 1. As used in this chapter, “charter conversion” means the conversion of a savings bank to a stock savings bank, including any of the following: (1) A conversion in connection with the formation of a holding company. (2) An acquisition involving an existing corporation. (3) A merger with an existing financial institution. As added […]
28-1-21.9-2. Conversion Plan
Sec. 2. As used in this chapter, “conversion plan” refers to the plan of charter conversion of a savings bank to a stock savings bank required by this chapter. As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.37.
28-1-21.9-3. Effective Time of the Charter Conversion
Sec. 3. As used in this chapter, “effective time of the charter conversion” means: (1) the date that articles of conversion are filed with the secretary of state; or (2) the date designated in the articles of conversion. As added by P.L.42-1993, SEC.44. Amended by P.L.122-1994, SEC.86.