Indiana Code 28-1-21.6-12. Transitional powers
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Sec. 12. The department may authorize the resulting commercial bank to do the following:
(2) Retain any assets legally held by the savings association at the effective time of the charter conversion that may not be held by commercial banks for a transitional period.
(1) Wind up any activities legally engaged in by the savings association at the time of charter conversion not permitted to commercial banks.
Terms Used In Indiana Code 28-1-21.6-12
- 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 savings association to a commercial bank. See Indiana Code 28-1-21.6-1
- commercial bank: means a stock bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-21.6-2
- department: means the Indiana department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-21.6-3
- effective time of the charter conversion: means :
Indiana Code 28-1-21.6-4
- savings association: means an institution (as defined in Indiana Code 28-1-21.6-6
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.147-1990, SEC.2. Amended by P.L.42-1993, SEC.37.