Indiana Code 28-1-32-9. Department approval of conversion

Sec. 9. (a) The department may approve or disapprove a conversion plan filed under section 8 of this chapter.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

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

(b) The department is not required to hold a hearing on the conversion plan.

(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.