2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.2. MUTUAL SAVINGS BANK HOLDING COMPANIES CHAPTER 4. ARTICLES OF REORGANIZATION
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IC 28-6.2-4
Chapter 4. Articles of Reorganization
IC 28-6.2-4-1
Required form and elements
Sec. 1. (a) The articles of reorganization of a mutual holding
company must:
(1) be in a form approved by the director; and
(2) contain the elements set forth in IC 28-12-2-1.
(b) The director may establish and require a specific form for the
articles of reorganization of a mutual holding company.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-4-2
Filing
Sec. 2. The articles of reorganization of a mutual holding
company and any amendments to them must be filed with and
approved by the department in the manner established in IC 28-12-5.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-4-3
Required provisions
Sec. 3. The articles of reorganization of a mutual holding
company must provide the following:
(1) On the effective date of reorganization or acquisition:
(A) the owners of deposit accounts and borrowers in the
resulting or acquiree savings bank become members of the
mutual holding company; and
(B) the membership rights of the owners and borrowers in
the mutual savings bank end and their membership rights in
the mutual holding company begin.
(2) A person becomes a member of a mutual holding company
by:
(A) owning a deposit account in a mutual savings bank that
is a subsidiary of the mutual holding company; or
(B) borrowing from a mutual savings bank that is a
subsidiary of the mutual holding company.
(3) A member of a mutual holding company has one (1) vote for
each one hundred dollars ($100) or additional fraction of one
hundred dollars ($100) of the combined withdrawal value of the
member's deposit accounts in a subsidiary mutual savings bank
of the mutual holding company. Each borrowing member is
entitled to cast one (1) vote as a borrower.
(4) Members of a mutual holding company may vote in person
or by proxy at any meeting. A proxy must be in writing and
signed by the member or the member's authorized
representative. Unless specified in the proxy, a proxy filed with
the secretary shall continue in force until revoked by a written
notice to the secretary or superseded by another proxy. Except
as a proxy, a person may not cast more than fifty (50) votes at
any meeting of the members unless a greater number of votes is
authorized by the articles of reorganization.
(5) A quorum of members at a regular or special meeting shall
be comprised of any number of eligible members voting in
person or by proxy.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-4-4
Effective date
Sec. 4. The effective date of the articles of reorganization and
amendments to the articles of reorganization must be the date of
recording in the office of the secretary of state, unless a delayed
effective date is specified in the articles of reorganization.
As added by P.L.122-1994, SEC.101.
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