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IC 28-6.1-16-1
Application of chapter
Sec. 1. This chapter applies only to the following:
(1) A savings bank organized, reorganized, or operating under
IC 28-6 (before its repeal) before July 1, 1993.
(2) A mutual savings bank.
(3) A stock savings bank.
As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994,
SEC.99.
IC 28-6.1-16-2
Department approval of conversion to savings association
Sec. 2. (a) With the approval of the department, a savings bank
may convert into a savings association.
(b) Nothing in this title prohibits a savings bank organized under
the laws of Indiana from converting to a savings association or a
savings bank organized or reorganized under the laws of the United
States. Conversion to a savings association or a savings bank
organized under the laws of the United States does not require the
approval of the department.
As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994,
SEC.100; P.L.262-1995, SEC.68; P.L.79-1998, SEC.76.
IC 28-6.1-16-3
Conversion procedure
Sec. 3. The department shall prescribe the procedure for
conversion under this chapter. The procedure must include the
following conditions:
(1) The conversion must be proposed by the board of the
savings bank in a resolution of conversion.
(2) The resolution of conversion must be adopted by an
affirmative vote of at least two-thirds (2/3) of the board
members.
(3) The savings bank must provide all relevant information
requested by the department in connection with the conversion.
As added by P.L.42-1993, SEC.72.
IC 28-6.1-16-4
Rights and obligations upon conversion
Sec. 4. Upon conversion, the new savings association has all the
rights, privileges, immunities, and powers and, except as provided in
this chapter, is subject to all the duties, restrictions, penalties, and
liabilities of a savings association organized under IC 28-4 (before
its repeal) or under IC 28-15.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998,
SEC.77.