Indiana Code 28-1-32-8. Conversion procedures
(b) The procedures prescribed by the department must include the following:
Terms Used In Indiana Code 28-1-32-8
- 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
- mutual savings association: means a savings association (as defined in 12 U. See Indiana Code 28-1-32-4
- voting parties: means the depositors or members of a mutual savings association. See Indiana Code 28-1-32-5
(2) The conversion plan must be adopted by not less than a majority of the board of directors of the savings association.
(3) Upon approval of the conversion plan by the board of directors of the savings association, the conversion plan and a certified copy of the resolution of the board of directors approving the conversion plan must be submitted to the department for approval.
(4) The conversion plan must be conditioned on the approval of not less than a majority of the total number of votes eligible to be cast at a regular or special meeting of the voting parties. The director of the department must approve the method used to notify the voting parties of the meeting held to consider the conversion plan. The director of the department may require the converting savings association to provide the voting parties with information regarding the conversion plan.
(5) The savings association must provide to the department additional relevant information requested by the department regarding the conversion plan.
As added by P.L.1-2006, SEC.491. Amended by P.L.213-2007, SEC.51; P.L.217-2007, SEC.49.