Indiana Code 28-1-7.1-7. Depositors; no right to participate in or approve conversion; no ownership interests in converted institution; liquidation account
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Terms Used In Indiana Code 28-1-7.1-7
- 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
Sec. 7. Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, unless the department allows otherwise. Depositors may have interests in a liquidation account, if one is established.
As added by P.L.89-2011, SEC.33.