Sec. 4. (a) If the department receives a statement under section 3 of this chapter, the department shall examine the business and affairs of the savings bank and may make additional investigation of the future prospects of the savings bank the department considers necessary.

     (b) If the department finds from the examination that:

Terms Used In Indiana Code 28-6.1-18-4

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) the savings bank is solvent, or that the savings bank has sufficient assets with which to pay all of its depositors and all of its other liabilities; and

(2) it will be in the best interests of the depositors and other creditors of the savings bank that the savings bank’s affairs be liquidated and that the savings bank be dissolved;

the department may enter a written order directing the liquidation and dissolution of the savings bank.

     (c) As soon as practical after an order is issued under subsection (b), the department shall, by a separate order, appoint a special representative of the department to act during the course of the liquidation.

     (d) During the course of the liquidation, the department may employ, fix the compensation of, remove, and discharge special representatives, assistants, accountants, agents, and attorneys as the department considers necessary.

As added by P.L.42-1993, SEC.72.

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