Indiana Code 28-1-30-8. Transitional period
Current as of: 2023 | Check for updates
|
Other versions
Sec. 8. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following:
(2) Retain any assets legally held by the credit union at the time of the mutual bank conversion that may not be held by a mutual bank.
(1) Wind up any activities legally engaged in by the credit union at the time of mutual bank conversion but not permitted to mutual banks.
Terms Used In Indiana Code 28-1-30-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
(3) Attain and maintain sixty percent (60%) of its assets in investments that qualify under 26 U.S.C. § 7701(a)(19).
(b) The terms and conditions of any transitional period under this section are at the discretion of the department.
As added by P.L.62-1999, SEC.2.