2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.1. SAVINGS BANKS CHAPTER 14. CONVERSION OF A STOCK SAVINGS BANK TO A STATE BANK OR TO A SAVINGS AND LOAN ASSOCIATION
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IC 28-6.1-14
Chapter 14. Conversion of a Stock Savings Bank to a State
Bank or to a Savings and Loan Association
IC 28-6.1-14-1
Application of chapter
Sec. 1. This chapter applies only to a stock savings bank formed
as the result of a conversion under IC 28-1-21.8 or IC 28-1-21.9.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-14-2
Conversion; approval of department
Sec. 2. A stock savings bank may convert into a state bank or a
savings association with the approval of the department.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998,
SEC.74.
IC 28-6.1-14-3
Conversion procedure
Sec. 3. The department shall prescribe the procedure for
conversion under this chapter. The procedure must include the
following:
(1) The board of the savings bank must propose a resolution of
conversion.
(2) The resolution of conversion must be adopted by the
affirmative vote of at least a majority of the shareholders of the
savings bank.
(3) The savings bank must provide all relevant information
relating to the conversion requested by the department.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-14-4
Articles of conversion
Sec. 4. (a) To effect the conversion, the converting savings bank
must file articles of conversion showing the department's approval of
the conversion with the following:
(1) The secretary of state.
(2) The county recorder of the county in which the principal
office of the savings bank is located.
(b) The articles of conversion:
(1) must set forth the elements required by IC 28-12-2-1; and
(2) constitute the articles of incorporation of the new state bank
or savings and loan association.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-14-5
Rights and obligations upon conversion
Sec. 5. Upon conversion, the new state bank or new savings
association:
(1) has all the rights, privileges, immunities, and powers of a
bank organized under IC 28-1 or a savings association
organized under IC 28-4 (before its repeal) or under IC 28-15;
(2) is subject to all the duties, restrictions, penalties, and
liabilities of a bank organized under IC 28-1 or a savings
association organized under IC 28-4 (before its repeal) or under
IC 28-15; and
(3) is governed by IC 28-13.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998,
SEC.75.
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