Indiana Code 28-1-33-8. Requirements and procedures
(b) The procedures prescribed by the department must include the following:
Terms Used In Indiana Code 28-1-33-8
- charter conversion: means the conversion of a mutual savings bank into a credit union under this chapter. See Indiana Code 28-1-33-1
- conversion plan: refers to a plan of charter conversion prepared under this chapter. See Indiana Code 28-1-33-2
- credit union: has the meaning set forth in Indiana Code 28-1-33-3
- mutual savings bank: has the meaning set forth in Indiana Code 28-1-33-5
- voting parties: means the:
Indiana Code 28-1-33-6
(2) The conversion plan must be adopted by not less than a majority of the board of directors of the mutual savings bank.
(3) Upon approval of a plan of charter conversion by the board of directors of the savings bank, 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 upon 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 mutual savings bank to provide the voting parties with information regarding the conversion plan.
(5) The mutual savings bank must provide to the department the additional relevant information requested by the department in connection with the conversion plan.
As added by P.L.1-2006, SEC.492. Amended by P.L.213-2007, SEC.53; P.L.217-2007, SEC.51.