Indiana Code 28-1-21.4-14. Transitional period
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Sec. 14. The department may authorize the resulting stock savings association to do the following:
(2) Retain for a transitional period any assets legally held by the savings association at the effective time of the charter conversion that otherwise may not be held by stock savings associations.
(1) Wind up any activities legally engaged in by the savings association at the effective time of the charter conversion not permitted to stock savings associations.
Terms Used In Indiana Code 28-1-21.4-14
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- effective time of the charter conversion: means the date:
Indiana Code 28-1-21.4-4
- stock savings association: means a savings association that is:
Indiana Code 28-1-21.4-6
The terms and conditions of the transitional period under subdivisions (1) and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.
As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.57.