Indiana Code 28-1-7.1-11. Approval of application; conditions
(1) The depository financial institution must complete the conversion stock sale, if any, not later than three (3) months after the director approves the application. The director may grant an extension for good cause.
Terms Used In Indiana Code 28-1-7.1-11
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- depository financial institution: has the meaning set forth in IC 28-1-1-6, but does not include a credit union. See Indiana Code 28-1-7.1-1
(3) The depository financial institution and its acquirer must satisfy any other requirements or conditions imposed by the director.
(4) The depository financial institution involved in, or the one (1) or more entities resulting from, the voluntary supervisory conversion must obtain insurance coverage of their deposits by the Federal Deposit Insurance Corporation.
(b) The director may condition approval of a voluntary supervisory conversion application on either of the following:
(1) The applicant must satisfy any conditions and restrictions the director imposes to prevent unsafe or unsound practices, to protect the public interest, or to prevent potential injury or detriment to the depository financial institution before and after the conversion. The director may impose these conditions and restrictions on the depository financial institution (before and after the conversion), its acquirer, controlling parties, or directors and officers of the depository financial institution or its acquirer.
(2) A larger amount of capital, if necessary, for safety and soundness reasons must be infused following the voluntary supervisory conversion.
As added by P.L.89-2011, SEC.33.