Title 28, FINANCIAL INSTITUTIONS

Sec. 2. As used in this chapter, "mutual bank" means a mutual savings bank governed by IC 28-6.1. As added by P.L.62-1999, SEC.2.

Sec. 3. As used in this chapter, "mutual bank conversion" means the conversion of a credit union to a mutual bank. As added by P.L.62-1999, SEC.2.

Sec. 4. As used in this chapter, "voting parties" means a credit union's members. As added by P.L.62-1999, SEC.2.

Sec. 5. (a) A credit union may convert to a mutual bank with the approval of the department and, if required by law, the appropriate federal agency. (b) The department shall prescribe procedures for mutual bank conversions. The procedures must require the following: (1) The credi…

Sec. 6. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter. (b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but with…

Sec. 7. Upon the conversion of a credit union, the resulting mutual bank: (1) possesses all of the rights, privileges, immunities, and powers of a mutual bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabiliti…

Sec. 8. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following: (1) Wind up any activities legally engaged in by the credit union at the time of mutual ban…

Sec. 9. A mutual bank created by charter conversion may retain all branches lawfully established. As added by P.L.62-1999, SEC.2.