28-6.1-16-4. Rights and Obligations Upon Conversion
Sec. 4. Upon conversion, the new savings association has all the rights, privileges, immunities, and powers and, except as provided in this chapter, is subject to all the duties, restrictions, penalties, and liabilities of a savings association organized under IC 28-4 (before its repeal) or under IC 28-15. As added by P.L.42-1993, SEC.72. Amended by […]
28-6.1-17-1. Grounds for Seizure of Business and Property
Sec. 1. The department may take possession of the business and property of a savings bank if any of the following occur: (1) The savings bank fails for thirty (30) days to pay any of its depositors as required by law. (2) The department determines that the board or officers of the savings bank are […]
28-6.1-17-2. Law Governing Procedure and Parties
Sec. 2. IC 28-1-3.1 governs the following: (1) The authority and the procedures under which the department administers the liquidation of a savings bank under this chapter. (2) The respective rights, powers, privileges, duties, and liabilities of the department, the savings bank, and all interested parties. As added by P.L.42-1993, SEC.72.
28-6.1-18-1. Application of Chapter
Sec. 1. This chapter applies only to a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993. As added by P.L.42-1993, SEC.72.
28-6.1-18-2. Dissolutions; Determinations of Boards
Sec. 2. A savings bank may dissolve itself under this chapter if the board of the savings bank determines it is in the best interest of the depositors and other creditors of the savings bank to dissolve the savings bank. As added by P.L.42-1993, SEC.72.
28-6.1-18-3. Resolutions of Dissolution
Sec. 3. (a) To dissolve a savings bank, the board must adopt a resolution of dissolution at a regular meeting or a special meeting of the board called for that purpose. (b) A resolution of dissolution must receive the affirmative vote of at least two-thirds (2/3) of the qualified and acting trustees. The resolution must […]
28-6.1-18-4. Liquidation Orders; Employment of Necessary Personnel
Sec. 4. (a) If the department receives a statement under section 3 of this chapter, the department shall examine the business and affairs of the savings bank and may make additional investigation of the future prospects of the savings bank the department considers necessary. (b) If the department finds from the examination that: (1) the […]
28-6.1-18-5. Civil Actions; Filing
Sec. 5. (a) Not later than five (5) days after entry of the order directing the liquidation of the savings bank, the department shall file a copy of the order with the circuit court clerk of the county in which the savings bank is located. (b) Upon the filing of an order under subsection (a), […]
28-6.1-18-6. Jurisdiction of Courts
Sec. 6. After the filing of the action under section 5 of this chapter, the court has jurisdiction to hear and determine all issues and matters relating to the liquidation of the savings bank. As added by P.L.42-1993, SEC.72.
28-6.1-18-7. Taking Charge of Business and Assets by Department; Notice of Departmental Actions
Sec. 7. The department shall do the following: (1) Immediately take charge of the business and assets of the savings bank. (2) Give notice of: (A) the department’s orders directing the liquidation and dissolution of the savings bank; and (B) the appointment of the department’s special representative; by posting copies of the orders in a […]