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.
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.