Indiana Code 28-1-21.4-12. Conditions for approval
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Sec. 12. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following:
(2) That the proposed charter conversion will not result in a stock savings association that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(1) That the resulting stock savings association will operate in a safe, sound, and prudent manner.
Terms Used In Indiana Code 28-1-21.4-12
- charter conversion: means the conversion of a mutual savings association to a stock savings association, including any of the following:
Indiana Code 28-1-21.4-2
- conversion plan: refers to the plan of charter conversion of a mutual savings association to a stock savings association required by this chapter. See Indiana Code 28-1-21.4-3
- stock savings association: means a savings association that is:
Indiana Code 28-1-21.4-6
(3) That the management or other principals of the savings association are qualified by character and financial responsibility to control and operate in a legal and proper manner the proposed stock savings association.
(4) That the interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion.
As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.55.