2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 6.2. MUTUAL SAVINGS BANK HOLDING COMPANIES CHAPTER 7. MUTUAL HOLDING COMPANY CONVERSION AND LIQUIDATION
Download as PDF
IC 28-6.2-7
Chapter 7. Mutual Holding Company Conversion and
Liquidation
IC 28-6.2-7-1
Conversion to stock form
Sec. 1. A mutual holding company may convert from mutual to
stock form in accordance with a plan of conversion approved by the
department under procedures substantially the same as for the
conversion of a mutual savings bank contained in IC 28-1-21.9.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-7-2
Liquidation of mutual holding company; filing federal bankruptcy
court petition
Sec. 2. (a) The department may file a petition with the federal
bankruptcy court requesting the liquidation of a mutual holding
company under 12 U.S.C. 1467(a)(o)(9) and Title 11, United States
Code, upon:
(1) the default of the resulting savings bank, any acquiree
savings bank, or any subsidiary savings bank of the mutual
holding company that was in the mutual form when acquired;
(2) the default of the mutual holding company; or
(3) foreclosure on any pledge by the mutual holding company
of subsidiary savings bank stock.
(b) Except as provided in subsection (a), the net proceeds of any
liquidation of a mutual holding company shall be transferred to the
members of the mutual holding company under the articles of
reorganization of the mutual holding company.
(c) If:
(1) the FDIC incurs a loss from a default of any savings bank
subsidiary of a mutual holding company; and
(2) that mutual holding company is liquidated under subsection
(a);
the FDIC shall succeed to the membership interests of the depositors
of the savings bank, to the extent of the FDIC's loss.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-7-3
Applicability of IC 28-11-3
Sec. 3. IC 28-11-3 applies to a mutual holding company in the
same manner it applies to a savings bank.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-7-4
Solicitations of proxies
Sec. 4. Solicitations of proxies by any person in connection with
any membership vote required under this chapter must be
accompanied by proxy materials in a form appropriate to, and
containing the information relevant to, the action that members are
being asked to approve.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-7-5
Use of proxies
Sec. 5. Whenever a mutual savings bank or mutual holding
company is required by this chapter to obtain membership approval
for a transaction, the savings bank or mutual holding company may
use any existing proxy conferring general authority to vote on any
and all matters at any meeting of members if the member granting the
proxy:
(1) has been furnished a proxy statement regarding the proposed
transaction; and
(2) does not revoke the proxy before the vote at the meeting at
which the transaction will be considered.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-7-6
Plan of conversion
Sec. 6. A mutual holding company organized under the laws of
the United States may convert to a mutual holding company
organized under this article in accordance with a plan of conversion
approved by the department that is substantially the same as a plan
of a mutual bank conversion authorized in IC 28-1-21.7.
As added by P.L.122-1994, SEC.101.
IC 28-6.2-7-7
Adoption of rules to implement chapter
Sec. 7. The department may adopt rules under IC 4-22-2 or adopt
policies necessary to implement this chapter.
As added by P.L.122-1994, SEC.101.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
