2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.1. SAVINGS BANKS CHAPTER 19. DISPOSITION OF SUBSTANTIALLY ALL THE ASSETS OF A SAVINGS BANK ORGANIZED BEFORE JULY 1, 1993
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IC 28-6.1-19
Chapter 19. Disposition of Substantially All the Assets of a
Savings Bank Organized Before July 1, 1993
IC 28-6.1-19-1
Application of chapter
Sec. 1. This chapter applies only to a savings bank organized,
reorganized, or operating under IC 28-6 (before its repeal) before
July 1, 1993.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-2
Disposition
Sec. 2. As used in this chapter, "disposition" includes a sale, a
lease, an exchange, or other disposition.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-3
Disposition of property and assets
Sec. 3. A savings bank may, at any time if otherwise lawful,
dispose of all or substantially all of its property and assets, including
good will, upon terms and conditions and for consideration the
savings bank considers beneficial.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-4
Resolutions of disposition
Sec. 4. (a) A disposition under this chapter must be approved by
the board of the savings bank by the adoption of a resolution by the
affirmative vote of at least two-thirds (2/3) of the then qualified and
acting trustees.
(b) The resolution may be adopted at a regular meeting or a
special meeting of the board called for that purpose.
(c) The resolution must contain the following:
(1) A description of the property to be disposed of.
(2) The terms and conditions of and the consideration for the
proposed disposition.
(3) A statement to the effect that in the opinion of the board, the
disposition will be in the best interests of the depositors and
other creditors of the savings bank.
(d) Three (3) copies of the resolution, certified by the president
and the secretary of the savings bank, must be filed with the
department.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-5
Departmental approval
Sec. 5. (a) Upon receiving a notice under section 4 of this chapter,
the department shall conduct investigations it considers necessary.
(b) If the department is satisfied that the proposed disposition is
fair and will be in the best interests of the depositors and other
creditors of the savings bank, the department shall:
(1) indicate its approval on all copies of the resolution; and
(2) return two (2) of the copies to the savings bank.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-6
Judicial approval
Sec. 6. (a) If the department approves the disposition under
section 5 of this chapter, the two (2) copies of the resolution returned
to the savings bank shall be submitted to the circuit court with
jurisdiction in the county in which the savings bank is located.
(b) If, upon good cause shown by affidavit, the court is satisfied
that the terms of the disposition are fair and in the best interests of
the depositors and other creditors of the savings bank, the court shall:
(1) approve the disposition upon the terms and conditions set
forth in the resolution; and
(2) indicate the approval on both copies of the resolution
submitted to the court.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-7
Copies of dissolution resolutions
Sec. 7. If the court approves the disposition under section 6 of this
chapter, one (1) copy of the resolution shall be filed in the office of
the circuit court clerk and the other copy shall be retained by the
savings bank.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-8
Court approval prerequisite to dissolution
Sec. 8. The disposition may not take place until the court approves
it.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-9
Notice of dispositions
Sec. 9. If the court approves the disposition, the savings bank shall
give notice of the disposition not more than five (5) days after the
approval as follows:
(1) By publishing notice of the disposition one (1) time in a
newspaper of general circulation printed in the English
language and published in the county in which the savings bank
is located.
(2) By posting copies of the notice in three (3) separate public
places in the county.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-10
Statements of objections
Sec. 10. (a) A person interested in the disposition (including a
depositor or a creditor of the savings bank) aggrieved by the
proposed disposition may file in the court a verified statement of
objections to the proposed disposition.
(b) The statement must be filed not more than fifteen (15) days
after the approval of the resolution by the court.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-11
Hearings on objections
Sec. 11. (a) If a statement is filed under section 10 of this chapter,
the matter shall be docketed upon the books of the court, entitled "In
the Matter of the Proposed Sale of Assets of _____________"
(inserting the name of the savings bank).
(b) The savings bank is considered to have denied all the
allegations in the statement without filing any pleadings.
(c) After notice of the objections to the savings bank as required
by the court, the court shall hear the evidence and determine the
matter as soon as possible.
(d) The burden of proof is on the objector.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-12
Orders directing dispositions
Sec. 12. If the court finds that the disposition, as proposed in the
resolution, is fair and will be in the best interests of the depositors
and other creditors of the savings bank, the court shall enter an order
directing the disposition, as set forth in the resolution, be carried out
and assessing the costs of the proceeding against the objector.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-13
Orders enjoining dispositions
Sec. 13. If the court finds that the disposition proposed by the
resolution is not fair or will not be in the best interests of the
depositors or other creditors of the savings bank, the court shall enter
an order enjoining the proposed disposition and assessing the costs
of the proceeding against the savings bank.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-19-14
Finality of judicial decisions
Sec. 14. A decision of the court under section 12 or 13 of this
chapter is final.
As added by P.L.42-1993, SEC.72.
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