28-1-32-8.1. Conversion to Federally Chartered Credit Union; Requirements; Date of Charter Conversion
Sec. 8.1. (a) A mutual savings association may convert into a federally chartered credit union by complying with the following requirements: (1) The mutual savings association must prepare a conversion plan that provides the terms and conditions for the conversion of the mutual savings association into a federal credit union. (2) The conversion plan must […]
28-1-32-9. Department Approval of Conversion
Sec. 9. (a) The department may approve or disapprove a conversion plan filed under section 8 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 association receives the department’s approval of the conversion plan. […]
28-1-32-10. Requirements for Approval
Sec. 10. The department may not approve a conversion plan unless the department finds, after appropriate investigation or examination, all of the following: (1) The resulting credit union will operate in a safe, sound, and prudent manner. (2) The proposed credit union conversion will not result in a credit union that has inadequate capital, unsatisfactory […]
28-1-32-11. Rights, Privileges, Authorizations, and Obligations
Sec. 11. At the effective time of the conversion of a mutual savings association into a credit union under this chapter, the resulting credit union: (1) possesses all of the rights, privileges, immunities, and powers of a credit union; (2) unless otherwise provided in this chapter, is subject to all of the statutes, rules, duties, […]
28-1-32-1. “Conversion Plan”
Sec. 1. As used in this chapter, “conversion plan” refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter. As added by P.L.1-2006, SEC.491.
28-1-32-2. “Credit Union”
Sec. 2. As used in this chapter, “credit union” has the meaning set forth in IC 28-7-1-0.5(3). As added by P.L.1-2006, SEC.491.
28-1-32-3. “Effective Time of the Conversion”
Sec. 3. As used in this chapter, “effective time of the 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 the effective time of the conversion. As added by P.L.1-2006, SEC.491.