Indiana Code 28-1-21.9-11. Conditions for approval of conversion plans
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Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following:
(2) That the proposed charter conversion will not result in a stock savings bank that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(1) That the resulting stock savings bank will operate in a safe, sound, and prudent manner.
Terms Used In Indiana Code 28-1-21.9-11
- charter conversion: means the conversion of a savings bank to a stock savings bank, including any of the following:
Indiana Code 28-1-21.9-1
- conversion plan: refers to the plan of charter conversion of a savings bank to a stock savings bank required by this chapter. See Indiana Code 28-1-21.9-2
- savings bank: has the meaning set forth in Indiana Code 28-1-21.9-5.5
- stock savings bank: means a savings bank that is:
Indiana Code 28-1-21.9-6
(3) That the management or other principals of the savings bank are qualified by character and financial responsibility to control and operate in a legal and proper manner the proposed stock savings bank.
(4) That the interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion.
As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.45.