Indiana Code 28-1-21.7-10. Approval or disapproval of conversion plan; requirements
(b) Solicitation of the votes of voting parties may occur prior to receipt of the approval of the department.
Terms Used In Indiana Code 28-1-21.7-10
- department: means the department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-21.7-1
- mutual bank: means a mutual savings bank governed by Indiana Code 28-1-21.7-3
- mutual bank conversion: means the conversion of a savings association to a mutual bank. See Indiana Code 28-1-21.7-4
- savings association: means an institution (as defined in 12 U. See Indiana Code 28-1-21.7-6
- voting parties: means a mutual savings association's depositors or members. See Indiana Code 28-1-21.7-7
(1) That the resulting mutual bank will operate in a safe, sound, and prudent manner.
(2) That the proposed mutual bank conversion will not result in a mutual bank that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(3) That the management or other principals of the savings association are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual bank proposed to be formed as a result of the mutual bank conversion.
(4) That the interests of the depositors and creditors, and of the public generally, will not be jeopardized by the proposed mutual bank conversion.
As added by P.L.147-1990, SEC.3.