28-6.1-15-1. 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.
28-6.1-15-10. Effect of Conversions
Sec. 10. (a) On the effective date of conversion, the existence of the savings bank ceases and the existence of the bank or trust company begins. (b) On the effective date of conversion, the following apply: (1) All subscriptions to shares of the capital stock of the bank or trust company previously received are considered […]
28-6.1-15-11. Continued Service of Boards
Sec. 11. The board of the savings bank shall serve as the board of directors of the bank or trust company until the first annual meeting of the shareholders. As added by P.L.42-1993, SEC.72.
28-6.1-15-12. Conformation to Limitations
Sec. 12. (a) Subject to subsection (b), a bank or trust company formed under this chapter shall, within three (3) years from its date of conversion, conform to the limitations prescribed by IC 28-1-13. (b) The department may extend the time for the new bank or trust company to conform to the limitations prescribed by […]
28-6.1-15-13. Powers and Duties of Department
Sec. 13. This chapter does not limit the powers or duties of the department under IC 28-1. As added by P.L.42-1993, SEC.72.
28-6.1-15-2. Effective Date of Conversion
Sec. 2. As used in this chapter, “effective date of conversion” refers to the date that the savings bank has complied with section 9 of this chapter. As added by P.L.42-1993, SEC.72.
28-6.1-15-3. Conversion Permitted
Sec. 3. A savings bank may convert into a state bank or trust company under this chapter. As added by P.L.42-1993, SEC.72.
28-6.1-15-4. Resolutions of Conversion
Sec. 4. (a) A conversion of a savings bank under this chapter must be proposed by the board of the savings bank by a resolution of conversion adopted by the affirmative vote of at least two-thirds (2/3) of the then qualified and acting trustees. (b) The resolution of conversion must include the following information: (1) […]
28-6.1-15-5. Terms and Conditions of Conversions; Rights of Depositors
Sec. 5. The terms and conditions of conversion and the rights of the depositors under the conversion are as follows: (1) A depositor may subscribe to the capital stock of the bank or trust company: (A) in an amount equal to part or all of the depositor’s pro rata interest in the surplus of the […]
28-6.1-15-6. Approval or Disapproval of Resolutions of Conversion by Department
Sec. 6. (a) The department shall approve or disapprove the resolution of conversion after first making examinations or investigations the department considers necessary to determine if the proposed conversion is fair and in the best interests of the depositors of the savings bank. (b) IC 28-1-2-23 and IC 28-11-5 do not apply to a determination […]
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 […]
28-6.1-15-9. Prerequisites to Doing Business
Sec. 9. (a) Except as is incidental to its conversion or to obtaining payment for shares of its capital stock, the bank or trust company may not exercise any new power, right, or authority conferred by its conversion, transact any business, or incur any indebtedness, until both of the following occur: (1) One (1) of […]