28-1-30-1. “Credit Union” Defined
Sec. 1. As used in this chapter, “credit union” has the meaning set forth in IC 28-7-1-0.5. As added by P.L.62-1999, SEC.2.
28-1-30-2. “Mutual Bank” Defined
Sec. 2. As used in this chapter, “mutual bank” means a mutual savings bank governed by IC 28-6.1. As added by P.L.62-1999, SEC.2.
28-1-30-3. “Mutual Bank Conversion” Defined
Sec. 3. As used in this chapter, “mutual bank conversion” means the conversion of a credit union to a mutual bank. As added by P.L.62-1999, SEC.2.
28-1-30-4. “Voting Parties” Defined
Sec. 4. As used in this chapter, “voting parties” means a credit union’s members. As added by P.L.62-1999, SEC.2.
28-1-30-5. Conversion Procedures
Sec. 5. (a) A credit union may convert to a mutual bank with the approval of the department and, if required by law, the appropriate federal agency. (b) The department shall prescribe procedures for mutual bank conversions. The procedures must require the following: (1) The credit union must prepare and submit to the department a […]
28-1-30-6. Approval of Conversion
Sec. 6. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter. (b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but without the requirement of a public hearing, that: (1) the resulting […]
28-1-30-7. Resulting Mutual Bank
Sec. 7. Upon the conversion of a credit union, the resulting mutual bank: (1) possesses all of the rights, privileges, immunities, and powers of a mutual bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a mutual bank; (3) succeeds by operation of law […]
28-1-30-8. Transitional Period
Sec. 8. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following: (1) Wind up any activities legally engaged in by the credit union at the time of mutual bank conversion but not permitted to […]
28-1-30-9. Retention of Branch Banks
Sec. 9. A mutual bank created by charter conversion may retain all branches lawfully established. As added by P.L.62-1999, SEC.2.
28-1-30-10. Articles of Mutual Bank Conversion
Sec. 10. (a) The converting credit union shall file articles of mutual bank conversion, approved in writing by the director, with the secretary of state. (b) The effective date of the mutual bank conversion is the date and time that the approved articles of mutual bank conversion are filed with the secretary of state, unless […]