28-1-33-1. “Charter Conversion”
Sec. 1. As used in this chapter, “charter conversion” means the conversion of a mutual savings bank into a credit union under this chapter. As added by P.L.1-2006, SEC.492.
28-1-33-10. Department Approval
Sec. 10. (a) The department may approve or disapprove the 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 mutual savings bank receives approval of the department if the […]
28-1-33-11. Requirements for Approval
Sec. 11. The department may not approve the 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 charter conversion will not result in a credit union that has inadequate capital, unsatisfactory management, […]
28-1-33-12. Rights, Privileges, Obligations, and Liabilities
Sec. 12. At the effective time of a charter conversion 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, regulations, duties, restrictions, obligations, and liabilities of a credit union; […]
28-1-33-13. Winding Up Activities
Sec. 13. The department may authorize the credit union resulting from a charter conversion under this chapter to do the following: (1) Wind up any activities that the mutual savings bank legally engaged in at the effective time of the charter conversion but that otherwise are not permitted to credit unions. (2) Retain for a […]
28-1-33-14. Branches
Sec. 14. A credit union created by charter conversion may retain all branches lawfully established. As added by P.L.1-2006, SEC.492.
28-1-33-15. Filing Articles of Charter Conversion
Sec. 15. (a) To effect a charter conversion, the converting mutual 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 mutual savings bank shall record copies of the articles of charter conversion with the county recorder of the county […]
28-1-33-16. Subject to Credit Union Statutes and Rules
Sec. 16. Upon the effective time of a charter conversion, the converted credit union is subject to all statutes and rules applicable to credit unions. As added by P.L.1-2006, SEC.492.
28-1-33-17. Rulemaking Authority
Sec. 17. The department may adopt rules under IC 4-22-2 or policies to implement this chapter. As added by P.L.1-2006, SEC.492.
28-1-33-2. “Conversion Plan”
Sec. 2. As used in this chapter, “conversion plan” refers to a plan of charter conversion prepared under this chapter. As added by P.L.1-2006, SEC.492.
28-1-33-3. “Credit Union”
Sec. 3. 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.492.
28-1-33-4. “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 the effective time of the charter conversion. As added by P.L.1-2006, SEC.492.
28-1-33-5. “Mutual Savings Bank”
Sec. 5. As used in this chapter, “mutual savings bank” has the meaning set forth in IC 28-6.1-2-5. As added by P.L.1-2006, SEC.492.
28-1-33-6. “Voting Parties”
Sec. 6. As used in this chapter, “voting parties” means the: (1) depositors; and (2) borrowers; of a mutual savings bank. As added by P.L.1-2006, SEC.492.
28-1-33-7. Conversion Authority
Sec. 7. With the approval of the department, a mutual savings bank may convert its charter under this chapter. As added by P.L.1-2006, SEC.492.
28-1-33-8. Requirements and Procedures
Sec. 8. (a) Except as provided in section 8.1 of this chapter for the conversion of a mutual savings bank into a federally chartered credit union, the department shall prescribe procedures for charter conversions under this chapter. (b) The procedures prescribed by the department must include the following: (1) The mutual savings bank must prepare […]
28-1-33-8.1. Conversion to Federally Chartered Credit Union; Requirements; Date of Charter Conversion
Sec. 8.1. (a) A mutual savings bank may convert into a federally chartered credit union by complying with the following requirements: (1) The mutual savings bank must prepare a conversion plan that provides the terms and conditions for the conversion of the mutual savings bank into a federal credit union. (2) The conversion plan must […]
28-1-33-9. Voting Party Rights
Sec. 9. The voting parties of a mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a charter conversion of the mutual savings bank under this chapter. As added by P.L.1-2006, SEC.492.