28-1-31-1. “Charter Conversion”

Sec. 1. As used in this chapter, “charter conversion” means the conversion of an out-of-state financial institution to a commercial bank. As added by P.L.1-2006, SEC.490.

28-1-31-10. Resulting Commercial Bank May Wind Up Activities and Retain Assets

Sec. 10. The department may authorize the resulting commercial bank to do the following: (1) Wind up any activities that are legally engaged in by the out-of-state financial institution at the time of charter conversion but that are not permitted to commercial banks. (2) Retain any assets that are legally held by the out-of-state financial […]

28-1-31-11. Retention of Branches

Sec. 11. A commercial bank created by charter conversion may retain all branches lawfully established. As added by P.L.1-2006, SEC.490.

28-1-31-12. Filing Articles of Charter Conversion

Sec. 12. In order to effect the charter conversion, the converting out-of-state financial institution shall file articles of charter conversion, bearing the approval of the director of the department, with the secretary of state. The converting out-of-state financial institution shall also file copies of the articles of charter conversion with the county recorder of the […]

28-1-31-13. Resulting Commercial Bank Subject to Statutes and Rules

Sec. 13. 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.1-2006, SEC.490.

28-1-31-2. “Commercial Bank”

Sec. 2. As used in this chapter, “commercial bank” means a bank or trust company (as defined by IC 28-1-1-3(2)). As added by P.L.1-2006, SEC.490.

28-1-31-3. “Department”

Sec. 3. 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.1-2006, SEC.490.

28-1-31-4. “Effective Time of the Charter Conversion”

Sec. 4. As used in this chapter, “effective time of the charter conversion” means: (1) the date on which 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.1-2006, SEC.490.

28-1-31-5. “Out-of-State Financial Institution”

Sec. 5. As used in this chapter, “out-of-state financial institution” means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18. As added by P.L.1-2006, SEC.490.

28-1-31-6. Financial Institution May Effect Charter Conversion

Sec. 6. An out-of-state financial institution may, upon approval of the department, effect a charter conversion. As added by P.L.1-2006, SEC.490.

28-1-31-7. Procedures for Charter Conversion

Sec. 7. The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following: (1) The out-of-state financial institution shall prepare and submit to the department a plan of charter conversion that provides the terms and conditions of the charter conversion as required by the department. (2) The plan […]

28-1-31-8. Approval of Plan of Charter Conversion

Sec. 8. (a) The department may approve or disapprove the plan of charter conversion filed under section 7 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 […]

28-1-31-9. Resulting Commercial Bank; Rights, Privileges, and Duties

Sec. 9. Upon conversion of an out-of-state financial institution, 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 […]