Title 28, FINANCIAL INSTITUTIONS

Sec. 5. A depository financial institution with mutual ownership is eligible for a voluntary supervisory conversion under this chapter if, in the judgment of the director, the voluntary supervisory conversion satisfies at least one (1) of the following conditions: (1) Both of the…

Sec. 6. (a) The director may determine under section 5(1)(B) of this chapter, based upon information then available to the director, that a voluntary supervisory conversion will likely result in a depository financial institution becoming a viable entity with stock ownership if a…

Sec. 7. Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, u…

Sec. 8. A majority of the board of directors of a depository financial institution with mutual ownership must adopt a plan of voluntary supervisory conversion. The plan adopted must include the following: (1) The name and address of the depository financial institution. (2) The n…

Sec. 9. The following information and documents must be included in an application for a voluntary supervisory conversion made to the department: (1) Evidence establishing that the depository financial institution with mutual ownership meets the eligibility requirements set forth…

Sec. 1. (a) As used in this chapter, "holding company" refers to a corporation that: (1) is attempting to acquire all the outstanding shares of a bank, trust company, corporate fiduciary, or stock savings bank under this chapter; or (2) has completed such an acquisition; dependin…

Sec. 10. At the time that the plan of exchange becomes effective: (1) each shareholder ceases to be a shareholder of the bank, trust company, corporate fiduciary, or stock savings bank; (2) the ownership of all shares of the issued and outstanding common stock of the bank, trust …

Sec. 11. Within thirty (30) days after the plan of exchange becomes effective, the holding company shall redeem all shares of common stock of the holding company that were outstanding immediately before the effective time of the exchange. The holding company shall redeem the shar…

Sec. 12. The bank, trust company, corporate fiduciary, or stock savings bank and the holding company are separate and distinct corporations. Notwithstanding any acts or omissions of the officers, directors, or shareholders of the corporations, neither of the corporations has any …

Sec. 13. An acquisition by a holding company of control of a bank, trust company, corporate fiduciary, or stock savings bank is exempt from the requirements of IC 28-1-2-23 if the acquisition is made under this chapter. As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, S…

Sec. 14. This chapter does not prohibit the acquisition by a holding company of shares of stock of a bank, trust company, corporate fiduciary, or stock savings bank under any other procedure that may be authorized by law, under voluntary exchange, or under an agreement with share…

Sec. 15. This chapter does not affect the limitations imposed on bank holding companies by IC 28-2-14. As added by P.L.238-1983, SEC.10. Amended by P.L.19-1986, SEC.48.

Sec. 2. All the outstanding shares of common stock of any bank, trust company, corporate fiduciary, or stock savings bank may be acquired by any corporation organized under IC 23-1 if the acquisition is made under a plan of exchange approved in the manner provided in this chapter…

for submission to vote of shareholders Sec. 3. (a) A bank, trust company, corporate fiduciary, or stock savings bank and a holding company that desire to effect an exchange of securities must, by resolutions adopted by the board of directors of each corporation, approve a plan of…

Sec. 4. (a) The bank, trust company, corporate fiduciary, or stock savings bank and the holding company shall file with the department three (3) copies of the plan of exchange certified by an officer of each as having been approved in accordance with section 3 of this chapter. Th…

Sec. 5. (a) At the time of the filing of a plan of exchange with the department, the bank, trust company, corporate fiduciary, or stock savings bank may submit a written request asking the department to hold a hearing on the matter. If such a request is submitted, the department …

Sec. 6. (a) The department shall issue an order approving the plan of exchange as delivered to it by the bank, trust company, corporate fiduciary, or stock savings bank and the holding company, including any modifications to the plan as the board of directors of each corporation …

Sec. 7. (a) If a plan of exchange is approved by the department, the plan shall be submitted to a vote of the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank and, if the articles of incorporation of the holding company are to be amended in the …

Sec. 8. (a) If a shareholder votes in opposition to a plan of exchange at the meeting at which the plan is adopted by the shareholders, the shareholder may, within thirty (30) days after the date of the meeting, make written objection to the exchange and demand that the bank, tru…

Sec. 9. (a) After the plan of exchange is approved by shareholders of the bank, trust company, corporate fiduciary, or stock savings bank and, if required, by the shareholders of the holding company, and unless the plan of exchange is subsequently abandoned, the bank, trust compa…

Sec. 1. This chapter applies to a corporate fiduciary (as defined in IC 28-1-1-3(19)). As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.

Sec. 2. Except as otherwise provided, the definitions in IC 28-14-1 apply throughout this chapter. As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.

Sec. 3. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that: (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the corporate fiduciary; or (2) the appointment of a conser…

Sec. 4. (a) A conservator appointed by the department under this chapter shall reimburse the department for all amounts expended by the department in connection with the conservatorship. Amounts reimbursed to the department under this subsection shall be paid from the assets of t…

Sec. 5. (a) Under the direction of the department, a conservator appointed under this chapter shall: (1) take possession of the books, records, and assets of the corporate fiduciary; and (2) take any action necessary to conserve the assets of the corporate fiduciary pending: (A) …

Sec. 6. (a) While a corporate fiduciary is in conservatorship under this chapter, the department may require the conservator to set aside and make available for payment to any persons described in section 3(a)(2) of this chapter, on a pro rata basis, any amounts that, in the opin…

Sec. 7. With the prior approval of the department, a conservator appointed under this chapter may borrow money as necessary or expedient to aid in the operation or reorganization of the corporate fiduciary. Any loan obtained by the conservator under this section may be secured by…

Sec. 8. (a) The department may: (1) terminate a conservatorship ordered under this chapter; and (2) permit the corporate fiduciary subject to the conservatorship to resume the transaction of the corporate fiduciary's business, subject to any terms, conditions, restrictions, and l…

Sec. 9. The department may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.

Sec. 1. (a) As used in this chapter, "affiliate" means any of the following: (1) Any company that controls a bank and any other company that is controlled by the company that controls a bank. (2) A bank subsidiary of a bank. (3) Any company: (A) that is controlled directly or ind…

Sec. 1.1. As used in this chapter, "company" means a corporation, limited liability company, partnership, business trust, association, or similar organization. Unless specifically excluded, the term includes a bank. As added by P.L.14-1992, SEC.95. Amended by P.L.8-1993, SEC.441.

Sec. 1.2. As used in this chapter, "subsidiary" with respect to a specified company means a company that is controlled by the specified company. As added by P.L.14-1992, SEC.96.

Sec. 1.3. (a) A company or shareholder is considered to have control over another company if: (1) the company or shareholder, directly or indirectly, or acting through at least one (1) other person owns, controls, or has power to vote at least twenty-five percent (25%) of any cla…

Sec. 2. (a) Within thirty (30) days after receipt of a request from the department, a bank or trust company shall furnish to the department a statement of financial condition of the affiliates identified in the request. (b) The statements furnished under subsection (a) must: (1) …

Sec. 3. (a) In making the examination of a bank or trust company, the department shall include an examination of the affairs of all the bank or trust company's affiliates necessary to disclose fully the relations between the bank or trust company and its affiliates, and the effec…

Sec. 4. (a) In making the examination of an affiliate of a bank or trust company, the department has the same powers with respect to the examination as are conferred upon it in the examination of the affairs of a bank or trust company by IC 28-11-3. (b) The expenses incurred in m…

Sec. 5. (a) For purposes of this section, a bank or trust company that is not a member of the Federal Reserve System is subject to Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) and Federal Reserve Regulation W (12 CFR 223) to the same extent and in th…

Sec. 1. As used in this chapter, "deposit account" has the meaning set forth in IC 28-9-2-5. As added by P.L.88-2024, SEC.1.

Sec. 2. As used in this chapter, "deposit account agreement" means an agreement that: (1) is between a depository financial institution and a depositor; and (2) governs a deposit account. As added by P.L.88-2024, SEC.1.

Sec. 3. As used in this chapter, "depositor" has the meaning set forth in IC 28-9-2-4. As added by P.L.88-2024, SEC.1.

Sec. 4. As used in this chapter, "depository financial institution" has the meaning set forth in IC 28-9-2-6. As added by P.L.88-2024, SEC.1.

Sec. 5. As used in this chapter, "written notice" means a notice that is: (1) in writing; (2) provided to the depositor in any manner in which the depositor has agreed to receive notices from the depository financial institution; and (3) sent at least thirty (30) calendar days be…

Sec. 6. A deposit account agreement may be changed or amended from time to time, subject to the terms of the deposit account agreement. A depositor's continued maintenance of a deposit account after the effective date of any change or amendment to the deposit account agreement, a…

Sec. 1. As used in this chapter, "mutual savings association" means any mutual savings association organized or reorganized under this title, and any savings association organized under any Indiana statute before February 24, 1933, that is in a mutual form. As added by P.L.176-19…

Sec. 10. The voting parties of a mutual savings association have the voting rights set forth in IC 28-13-6-2 with respect to a charter conversion of the mutual savings association under this chapter. As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.53.

Sec. 11. (a) The department may approve or disapprove the conversion plan filed under section 9 of this chapter. (b) The department is not required to hold a hearing on the conversion plan. (c) Solicitation of the votes of voting parties may occur before the savings association r…