Indiana Code 28-1-32-12. Winding up activities
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Sec. 12. The department may authorize the credit union resulting from a conversion under this chapter to do the following:
(2) Retain for a transitional period any assets that the savings association legally held at the effective time of the conversion but that otherwise may not be held by credit unions.
(1) Wind up any activities that the savings association was legally engaged in at the effective time of the conversion but that otherwise are not permitted to credit unions.
Terms Used In Indiana Code 28-1-32-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- credit union: has the meaning set forth in Indiana Code 28-1-32-2
- effective time of the conversion: means :
Indiana Code 28-1-32-3
The terms and conditions of the winding up of activities under subdivision (1) and the retention of assets under subdivision (2) are subject to the discretion of the department. However, the transitional period during which activities may be carried out under subdivision (1) or assets may be retained under subdivision (2) may not exceed ten (10) years after the effective time of the conversion.
As added by P.L.1-2006, SEC.491.