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2018 Indiana Code
TITLE 28. Financial Institutions
ARTICLE 1. DEPARTMENT OF FINANCIAL INSTITUTIONS
CHAPTER 21.8. Charter Conversion of a Mutual or Stock Savings Association to a Stock Savings Bank
28-1-21.8-13. Transitional period
Universal Citation: IN Code § 28-1-21.8-13 (2018)
IC 28-1-21.8-13 Transitional period
Sec. 13. The department may authorize the resulting stock savings bank to do the following:
(1) Wind up any activities legally engaged in by the savings association at the effective time of the charter conversion not permitted to stock savings banks.
(2) Retain for a transitional period any assets legally held by the savings association at the effective time of the charter conversion that otherwise may not be held by stock savings banks.
The terms and conditions of the transitional period under subdivisions (1) and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.
As added by P.L.42-1993, SEC.43.
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