Indiana Code 28-1-32-10. Requirements for approval
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Sec. 10. The department may not approve a conversion plan unless the department finds, after appropriate investigation or examination, all of the following:
(2) The proposed credit union conversion will not result in a credit union that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(1) The resulting credit union will operate in a safe, sound, and prudent manner.
Terms Used In Indiana Code 28-1-32-10
- conversion plan: refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter. See Indiana Code 28-1-32-1
- credit union: has the meaning set forth in Indiana Code 28-1-32-2
(3) The management or other principals of the savings association are qualified by character and financial responsibility to control and operate the proposed credit union in a legal and proper manner.
(4) The interests of the depositors, creditors, and public generally will not be jeopardized by the proposed credit union conversion.
As added by P.L.1-2006, SEC.491.