Indiana Code 28-1-30-6. Approval of conversion
(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:
Terms Used In Indiana Code 28-1-30-6
- credit union: has the meaning set forth in Indiana Code 28-1-30-1
- mutual bank: means a mutual savings bank governed by Indiana Code 28-1-30-2
- mutual bank conversion: means the conversion of a credit union to a mutual bank. See Indiana Code 28-1-30-3
(2) the proposed mutual bank conversion will not result in a mutual bank that has inadequate capital, unsatisfactory management, or poor earnings prospects;
(3) the management or other principals of the credit union 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; and
(4) the interests of the:
(A) members and creditors of the credit union;
(B) depositors and creditors of the mutual bank; and
(C) public generally;
will not be jeopardized by the proposed mutual bank conversion.
As added by P.L.62-1999, SEC.2.