2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.2. MUTUAL SAVINGS BANK HOLDING COMPANIES CHAPTER 1. DEFINITIONS
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IC 28-6.2
ARTICLE 6.2. MUTUAL SAVINGS BANK HOLDING
COMPANIES
IC 28-6.2-1
Chapter 1. Definitions
IC 28-6.2-1-1
Application of chapter
Sec. 1. The definitions set forth in this chapter apply throughout
this article.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-2
"Acquiree savings bank" defined
Sec. 2. "Acquiree savings bank" means any savings bank other
than a resulting savings bank that:
(1) is acquired by a mutual holding company as part of, and
concurrently with, a mutual holding company reorganization;
and
(2) is in the mutual form immediately before the acquisition.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-3
"Acting in concert" defined
Sec. 3. (a) "Acting in concert" means:
(1) knowing participation in a joint activity or interdependent
conscious parallel action towards a common goal, whether or
not under an express agreement; or
(2) a combination of pooling of voting or other interests in the
securities of an issuer for a common purpose pursuant to any
contract, understanding, relationship, agreement, or other
arrangement, whether written or otherwise.
(b) A person or company that acts in concert with another person
or company is acting in concert with any person or company who is
also acting in concert with that other party, except that:
(1) an employee stock benefit plan is not acting in concert with
its trustee or a person who serves in a similar capacity solely for
the purpose of determining whether stock held by the trustee
and stock held by the plan will be aggregated; and
(2) no officer or director of a savings bank or savings bank
affiliate is acting in concert with any other officer or director of
the savings bank or affiliate by reason of the service of the
officer or director in those capacities.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-4
"Affiliate" defined
Sec. 4. "Affiliate" means a person that, directly or indirectly,
through one (1) or more intermediaries:
(1) controls;
(2) is controlled by; or
(3) is under common control with;
another person.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-5
"Associate" defined
Sec. 5. "Associate", when indicating a relationship between
persons, means:
(1) any corporation or organization, other than the applicant or
a majority-owned subsidiary of the applicant, of which the
person:
(A) is an officer or a partner; or
(B) is directly or indirectly the beneficial owner of ten
percent (10%) or more of any class of equity securities;
(2) any trust or other estate:
(A) in which the person has a substantial beneficial interest;
or
(B) for which the person serves as trustee or in a similar
fiduciary capacity;
however, the term does not apply to any employee stock benefit
plan in which the person has a substantial beneficial interest or
serves as a trustee or in a similar fiduciary capacity; and
(3) any relative or spouse of the natural person, or any relative
of the spouse, who:
(A) has the same home as the person; or
(B) is a director or an officer of the applicant or of any of the
applicant's parent organizations or subsidiaries.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-6
"Company" defined
Sec. 6. (a) "Company" means:
(1) any corporation, partnership, business trust, joint venture,
association, or similar organization; or
(2) any other trust, unless by its terms it must terminate:
(A) within twenty-five (25) years; or
(B) not later than twenty-one (21) years and ten (10) months
after the death of any individual living on the effective date
of the trust.
(b) As used in subsection (a)(1), "similar organization" means a
combination of parties with the potential for or practical likelihood
of a continuing rather than temporary existence, in which the parties
have knowingly and voluntarily associated for a common purpose in
identifiable and binding relationships that govern the parties with
respect to either:
(1) the transferability and voting rights concerning any stock or
other indicia of participation in another entity; or
(2) the achievement of a common or shared objective, such as
to collectively manage or control another entity.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-7
"Control" defined
Sec. 7. (a) "Control" of a savings bank means:
(1) controlling, owning, or having the power to vote, directly or
indirectly, or acting through one (1) or more persons,
twenty-five percent (25%) or more of any class of voting
securities of the savings bank; or
(2) in any manner controlling the election of a majority of the
directors of the savings bank.
(b) "Control" of a savings bank also exists if the department
determines, after notice and opportunity for hearing, that a person
directly or indirectly exercises a controlling influence over the
management or policies of the savings bank.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-8
"Default" defined
Sec. 8. As used in this chapter, "default" means any adjudication
or other official determination of a court or other public authority
under which a conservator, receiver, or other legal custodian is
appointed for a mutual holding company or savings bank subsidiary
of a mutual holding company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-9
"Director" defined
Sec. 9. As used in this chapter, "director" refers to the director of
the department of financial institutions.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-10
"FDIC" defined
Sec. 10. As used in this chapter, "FDIC" refers to the federal
deposit insurance corporation.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-10.1
"Federal mutual holding company" defined
Sec. 10.1. "Federal mutual holding company" means a mutual
savings bank holding company that:
(1) is organized or reorganized under the laws of the United
States;
(2) is regulated by the Office of Thrift Supervision or its
successor; and
(3) has control over a savings bank.
As added by P.L.90-2008, SEC.38.
IC 28-6.2-1-11
"Member" defined
Sec. 11. As used in this chapter, "member" means any depositor
or borrower of a savings bank subsidiary of a mutual holding
company that is entitled, under a statute or the articles of
incorporation or bylaws of the mutual holding company, to vote on
matters affecting the mutual holding company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-12
"Mutual holding company"
Sec. 12. As used in this chapter, "mutual holding company" means
a mutual savings bank holding company that:
(1) is:
(A) organized under IC 28-6.2-2 or converted under
IC 28-6.2-7-6; or
(B) organized under the laws of any other state or the United
States; and
(2) has control over:
(A) any savings bank; or
(B) any company that is or becomes a mutual holding
company under this article.
As added by P.L.122-1994, SEC.101. Amended by P.L.27-2012,
SEC.90.
IC 28-6.2-1-13
"Mutual savings bank" defined
Sec. 13. "Mutual savings bank" means a financial institution:
(1) defined in IC 28-6.1-2-5; or
(2) organized, reorganized, or operating before January 1, 1993,
under IC 28-6 (before its repeal).
As added by P.L.122-1994, SEC.101. Amended by P.L.11-1998,
SEC.12.
IC 28-6.2-1-14
"Parent" defined
Sec. 14. "Parent", when describing the relationship between two
(2) companies, means the company that controls the other company,
either directly or indirectly, through one (1) or more subsidiaries.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-15
"Person" defined
Sec. 15. "Person" means an individual or company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-16
"Reorganization plan" defined
Sec. 16. "Reorganization plan" means a plan to reorganize into the
mutual holding company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-17
"Reorganizing savings bank" defined
Sec. 17. "Reorganizing savings bank" means a mutual savings
bank that proposes to reorganize into a mutual holding company
under this chapter.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-18
"Resulting savings bank" defined
Sec. 18. "Resulting savings bank" means a stock savings bank that
is organized as a subsidiary of a reorganizing savings bank to receive
a substantial part of the assets and liabilities, including all deposit
accounts, of the reorganizing savings bank upon consummation of
the reorganization.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-19
"Savings association" defined
Sec. 19. (a) As used in this chapter, "savings association" means
a savings association (as defined in 12 U.S.C. 1813(3)(b)(1)) the
deposits of which are insured by the FDIC.
(b) The term includes:
(1) a federal savings association;
(2) a federal savings bank; and
(3) a savings association organized and operating under the
laws of the state in which it is organized.
As added by P.L.122-1994, SEC.101. Amended by P.L.79-1998,
SEC.78.
IC 28-6.2-1-20
"Stock" defined
Sec. 20. (a) "Stock" means the units into which the proprietary
interests of a savings bank are divided.
(b) The term includes:
(1) common or preferred stock;
(2) any other type of equity security;
(3) warrants or options to acquire common or preferred stock;
and
(4) other securities that are convertible into common or
preferred stock.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-21
"Stock benefit plan" defined
Sec. 21. "Stock benefit plan" means any defined benefit plan or
defined contribution plan. The term includes:
(1) an employee stock ownership plan;
(2) a stock bonus plan;
(3) a profit-sharing plan; or
(4) any other plan of a mutual holding company or any of its
subsidiaries or affiliates;
whether or not the plan, with its related trust, meets the qualifying
requirements under section 401 of the Internal Revenue Code.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-22
"Stock issuance plan" defined
Sec. 22. "Stock issuance plan" means a plan submitted under
IC 28-6.2-3 providing for the issuance of stock by a savings bank
subsidiary of a mutual holding company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-23
"Stock savings bank" defined
Sec. 23. "Stock savings bank" has the meaning set forth in
IC 28-6.1-2-7.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-24
"Subsidiary" defined
Sec. 24. "Subsidiary" means a company controlled either directly
or indirectly by another company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-1-25
"Voting parties" defined
Sec. 25. As used in this chapter, "voting parties" means the:
(1) depositors; and
(2) borrowers;
of a mutual savings bank.
As added by P.L.11-1998, SEC.13.
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