Indiana Code 28-1-32-9. Department approval of conversion
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Sec. 9. (a) The department may approve or disapprove a conversion plan filed under section 8 of this chapter.
(b) The department is not required to hold a hearing on the conversion plan.
Terms Used In Indiana Code 28-1-32-9
- conversion plan: refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter. See Indiana Code 28-1-32-1
- voting parties: means the depositors or members of a mutual savings association. See Indiana Code 28-1-32-5
(c) Solicitation of the votes of voting parties may occur before the savings association receives the department’s approval of the conversion plan.
As added by P.L.1-2006, SEC.491.