Indiana Code 28-1-21.8-13. Transitional period
Current as of: 2023 | Check for updates
|
Other versions
Sec. 13. The department may authorize the resulting stock savings bank to do the following:
(2) Retain for a transitional period any assets legally held by the savings association at the effective time of the charter conversion that otherwise may not be held by stock savings banks.
(1) Wind up any activities legally engaged in by the savings association at the effective time of the charter conversion not permitted to stock savings banks.
Terms Used In Indiana Code 28-1-21.8-13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- effective time of the charter conversion: means :
Indiana Code 28-1-21.8-2
- savings association: means an institution (as defined in 12 U. See Indiana Code 28-1-21.8-4
- stock savings bank: means a savings bank owned by holders of capital stock and formed by conversion under this chapter. See Indiana Code 28-1-21.8-5
The terms and conditions of the transitional period under subdivisions (1) and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.
As added by P.L.42-1993, SEC.43.