Sec. 16. (a) To effect the charter conversion, the converting savings association must file with the secretary of state articles of charter conversion showing the approval of the director of the department.

     (b) The converting savings association shall record copies of the articles of charter conversion with the county recorder of the county where the principal office of the stock savings association is located.

Terms Used In Indiana Code 28-1-21.4-16

  • charter conversion: means the conversion of a mutual savings association to a stock savings association, including any of the following:

    Indiana Code 28-1-21.4-2

  • stock savings association: means a savings association that is:

    Indiana Code 28-1-21.4-6

     (c) The articles of charter conversion constitute articles of incorporation and must set forth the elements required in IC 28-12-2-1.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.59.

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