Indiana Code 28-1-21.7-12. Transitional powers
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Sec. 12. The department may authorize the resulting mutual bank to do the following:
(2) Retain any assets legally held by the savings association at the time of the mutual bank conversion that may not be held by mutual banks for a transitional period.
(1) Wind up any activities legally engaged in by the savings association at the time of mutual bank conversion not permitted to mutual banks.
Terms Used In Indiana Code 28-1-21.7-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- department: means the department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-21.7-1
- effective time of the mutual bank conversion: means :
Indiana Code 28-1-21.7-2
- mutual bank: means a mutual savings bank governed by Indiana Code 28-1-21.7-3
- mutual bank conversion: means the conversion of a savings association to a mutual bank. See Indiana Code 28-1-21.7-4
- savings association: means an institution (as defined in Indiana Code 28-1-21.7-6
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 mutual bank conversion.
As added by P.L.147-1990, SEC.3. Amended by P.L.42-1993, SEC.41.