Title 28, FINANCIAL INSTITUTIONS

Sec. 10. (a) A quorum of the board of a savings bank consists of at least a majority of the trustees. (b) Except as provided in subsection (c), the president or a vice president of the board must be present for a quorum to exist. Notwithstanding subsection (c), if the number of t…

Sec. 11. (a) The board of a savings bank may, by resolution incorporated in the bylaws of the savings bank, reduce the number of trustees to a number not less than the minimum number required by section 3 of this chapter. (b) If the board adopts a resolution under subsection (a),…

Sec. 12. (a) Subject to section 3 of this chapter, the board of a savings bank may, by resolution incorporated in the bylaws of the savings bank, increase the number of trustees. (b) The board may adopt a resolution under subsection (a) at any time. As added by P.L.42-1993, SEC.7…

Sec. 13. (a) The board shall hold regular meetings at least every three (3) months. (b) The board may provide in the bylaws of the savings bank for: (1) regular meetings more frequent than required by subsection (a); and (2) the calling of special meetings. (c) The board shall ke…

Sec. 14. (a) The state comptroller may at any time, by an order under the seal of the state comptroller, for due cause stated in the order, suspend a trustee from the board. (b) Upon the application of two-thirds (2/3) of the trustees of a savings bank setting forth good reasons …

Sec. 2. As used in this chapter, "court" refers to the circuit court, superior court, or probate court of the county in which the savings bank is located. As added by P.L.42-1993, SEC.72. Amended by P.L.84-2016, SEC.124.

Sec. 3. The board of trustees of the savings bank must have at least seven (7) but not more than twenty-one (21) trustees. As added by P.L.42-1993, SEC.72.

Sec. 4. An individual must have the following qualifications to be a trustee: (1) The individual must be a citizen of Indiana for at least five (5) years before becoming a trustee. (2) The individual must have an equity in real estate: (A) located in the county in which the savin…

Sec. 5. (a) A vacancy on the board of the savings bank is created if any of the following applies to a trustee: (1) The trustee dies. (2) The trustee resigns. (3) The trustee is unable to discharge duties because of incapacity. (4) The trustee moves from the county where the savi…

Sec. 6. (a) If the board fails to fill a vacancy under section 5 of this chapter for three (3) months after the vacancy is created, the court shall, subject to subsection (b), appoint an individual qualified under this chapter to fill the vacancy. (b) The court shall fill the vac…

Sec. 7. (a) An individual elected or appointed to fill a vacancy shall obtain from the court a certificate of qualification and fitness before the individual may enter upon duties as a trustee. (b) A certificate issued under subsection (a) shall be: (1) recorded in the journal of…

Sec. 8. (a) The trustees of the savings bank shall elect from among the trustees a president. (b) The trustees may choose from among the trustees, or otherwise, other officers or agents the trustees consider necessary to conduct the business of the savings bank. (c) The officers …

Sec. 9. (a) Subject to Indiana law, the board of a savings bank may from time to time make bylaws, rules, and regulations as the board considers proper for the following purposes: (1) Election of officers. (2) Prescribing the powers and duties of the officers. (3) The manner of d…

Sec. 1. (a) A savings bank subsidiary of a mutual holding company, including a resulting or an acquiree savings bank, may not, directly or indirectly, issue stock to persons other than its mutual holding company parent without the prior written approval of the department. (b) The…

Sec. 2. Each application for approval of a proposed stock issuance plan must state and explain the proposed sales price or the price range if an exact price cannot be determined. The application must do the following: (1) Support the reasonableness of the proposed price or price …

Sec. 3. No representations may be made in any manner in connection with the offer or sale of any stock issued under this chapter that: (1) the price, price range, or any other pricing information related to a stock issuance has been approved by the department; (2) the stock has b…

Sec. 4. A stock issuance plan must do the following: (1) Describe all significant terms of the proposed stock issuance and include: (A) any proposed stock order form; and (B) any agreement or other document defining or limiting the rights of stockholders. (2) Provide that the agg…

Sec. 5. A savings bank shall not offer or sell any stock to any person or corporation whose purchase would be financed by funds loaned to the person or corporation by the savings bank or any of its affiliates, unless that borrowing is approved by the department. As added by P.L.1…

Sec. 6. If proposed as part of a reorganization plan, a stock issuance plan may be amended or terminated in the same manner as the reorganization plan under IC 28-6.2-2-11. As added by P.L.122-1994, SEC.101.

Sec. 7. A stock issuance plan will be terminated if not completed within the time specified in the plan unless an extension is: (1) requested in writing for good cause shown; and (2) approved in writing by the department. As added by P.L.122-1994, SEC.101.

Sec. 8. A stock issuance plan may provide the following: (1) The offering may be commenced concurrently with or after the mailing of any proxy statements to the members of the reorganizing savings bank and any acquiree savings bank if the stock issuance is part of a reorganizatio…