28-1-7.1-1. “Depository Financial Institution”

Sec. 1. As used in this chapter, “depository financial institution” has the meaning set forth in IC 28-1-1-6, but does not include a credit union. As added by P.L.89-2011, SEC.33.

28-1-7.1-10. Denial of Application; Findings by Director

Sec. 10. The director may not approve an application to engage in a voluntary supervisory conversion if the director makes any of the following findings: (1) That the depository financial institution does not meet the eligibility requirements for a voluntary supervisory conversion under this chapter, or that the proceeds from the sale of the conversion […]

28-1-7.1-11. Approval of Application; Conditions

Sec. 11. (a) The director shall condition approval of a voluntary supervisory conversion application on the applicant satisfying all of the following: (1) The depository financial institution must complete the conversion stock sale, if any, not later than three (3) months after the director approves the application. The director may grant an extension for good […]

28-1-7.1-2. “Standard Conversion”

Sec. 2. As used in this chapter, “standard conversion” refers to a transaction permitted under any of the following: (1) IC 28-1-21.4. (2) IC 28-1-21.6. (3) IC 28-1-21.8. (4) IC 28-1-21.9. As added by P.L.89-2011, SEC.33.

28-1-7.1-3. Depository Financial Institution With Mutual Ownership; Authority to Engage in Voluntary Supervisory Conversion

Sec. 3. A depository financial institution with mutual ownership may engage in a voluntary supervisory conversion only as set forth in this chapter. As added by P.L.89-2011, SEC.33.

28-1-7.1-4. Voluntary Supervisory Conversion; Types of Transactions

Sec. 4. A voluntary supervisory conversion of a depository financial institution may include one (1) or more of the following transactions: (1) A merger of the depository financial institution into an interim depository financial institution with stock ownership. (2) Following a conversion of the depository financial institution, a sale of shares of the converted depository […]

28-1-7.1-5. Voluntary Supervisory Conversion; Eligibility; Conditions

Sec. 5. A depository financial institution with mutual ownership is eligible for a voluntary supervisory conversion under this chapter if, in the judgment of the director, the voluntary supervisory conversion satisfies at least one (1) of the following conditions: (1) Both of the following apply: (A) The depository financial institution is significantly undercapitalized, or is […]

28-1-7.1-6. Director’s Determination of Resulting Entity’s Viability; Conditions; Authority of Director to Act; Applicability of Law Governing Mergers and Consolidations; Waiver of Law

Sec. 6. (a) The director may determine under section 5(1)(B) of this chapter, based upon information then available to the director, that a voluntary supervisory conversion will likely result in a depository financial institution becoming a viable entity with stock ownership if all the following are satisfied: (1) The depository financial institution resulting from the […]

28-1-7.1-7. Depositors; No Right to Participate in or Approve Conversion; No Ownership Interests in Converted Institution; Liquidation Account

Sec. 7. Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, unless the department allows otherwise. Depositors may have interests in a liquidation account, if […]

28-1-7.1-8. Plan of Conversion; Adoption by Board; Contents

Sec. 8. A majority of the board of directors of a depository financial institution with mutual ownership must adopt a plan of voluntary supervisory conversion. The plan adopted must include the following: (1) The name and address of the depository financial institution. (2) The name and address of each proposed purchaser of conversion shares and […]

28-1-7.1-9. Application to Department; Required Information and Documents

Sec. 9. The following information and documents must be included in an application for a voluntary supervisory conversion made to the department: (1) Evidence establishing that the depository financial institution with mutual ownership meets the eligibility requirements set forth in this chapter. (2) An opinion of qualified, independent counsel or of an independent, certified public […]