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.
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 […]
28-1-32-12. Winding Up Activities
Sec. 12. The department may authorize the credit union resulting from a conversion under this chapter to do the following: (1) Wind up any activities that the savings association was legally engaged in at the effective time of the conversion but that otherwise are not permitted to credit unions. (2) Retain for a transitional period […]
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, […]
28-1-32-13. Branches
Sec. 13. A credit union resulting from a conversion under this chapter may retain all branches lawfully established. As added by P.L.1-2006, SEC.491.