Indiana Code 28-1-33-11. Requirements for approval
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Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following:
(2) The proposed charter conversion will not result in a credit union that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(1) The resulting credit union will operate in a safe, sound, and prudent manner.
Terms Used In Indiana Code 28-1-33-11
- charter conversion: means the conversion of a mutual savings bank into a credit union under this chapter. See Indiana Code 28-1-33-1
- conversion plan: refers to a plan of charter conversion prepared under this chapter. See Indiana Code 28-1-33-2
- credit union: has the meaning set forth in Indiana Code 28-1-33-3
- mutual savings bank: has the meaning set forth in Indiana Code 28-1-33-5
(3) The management or other principals of the mutual savings bank are qualified by character and financial responsibility to control and operate the proposed credit union in a legal and proper manner.
(4) The interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion.
(5) The proposed membership of the resulting credit union will comply with the membership requirements of IC 28-7-1-10.
As added by P.L.1-2006, SEC.492.