28-6.1-16-3. Conversion Procedure
Sec. 3. The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following conditions: (1) The conversion must be proposed by the board of the savings bank in a resolution of conversion. (2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) […]
28-6.1-18-13. Completion of Liquidation
Sec. 13. (a) When the costs and expenses of the liquidation have been fully paid and all the remaining debts and liabilities of the savings bank, including deposits and accrued interest or dividends, if any, have been paid in full, the remaining assets, if any, shall be paid to or distributed among the persons the […]
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 […]
28-6.1-15-7. Notice to Depositors; Objections; Judicial Review
Sec. 7. (a) After the department has given approval to the resolution of conversion and has returned the resolution of conversion to the savings bank, the savings bank shall give notice of the proposed conversion, by mail, to each depositor of record as of the date of the resolution of conversion. Notice to a depositor […]
28-6.1-15-8. Approval of Articles of Incorporation by Secretary of State
Sec. 8. (a) If the conversion is approved under section 7 of this chapter and if the capital stock of the bank or trust company has been fully subscribed, the trustees of the savings bank shall submit three (3) copies of the articles of incorporation of the bank or trust company with the department’s approval […]