Indiana Code 28-1-21.9-13. Transitional period
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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 bank 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 bank at the effective time of the charter conversion not permitted to stock savings banks.
Terms Used In Indiana Code 28-1-21.9-13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- effective time of the charter conversion: means :
Indiana Code 28-1-21.9-3
- savings bank: has the meaning set forth in Indiana Code 28-1-21.9-5.5
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.44. Amended by P.L.262-1995, SEC.47.