Indiana Code 28-1-7.5-10. Plan of exchange; consummation by operation of law; effect
(1) each shareholder ceases to be a shareholder of the bank, trust company, corporate fiduciary, or stock savings bank;
Terms Used In Indiana Code 28-1-7.5-10
- Fiduciary: A trustee, executor, or administrator.
- holding company: refers to a corporation that:
Indiana Code 28-1-7.5-1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- stock savings bank: has the meaning set forth in Indiana Code 28-1-7.5-1
(3) the articles of incorporation of the holding company are amended to the extent that any provisions of those articles are restated in the plan of exchange;
(4) the holding company becomes the sole holder of the common stock of the bank, trust company, corporate fiduciary, or stock savings bank and has all of the rights, privileges, immunities and powers, and (except as otherwise provided in this chapter) is subject to all of the duties and liabilities, of a shareholder of a bank, trust company, corporate fiduciary, or stock savings bank; and
(5) depending upon which option is provided for in the plan of exchange, certificates representing shares of common stock of the bank and trust company or corporate fiduciary (except shares for which payment of value is required to be made under section 8 of this chapter) become certificates representing either shares of the issued and outstanding common stock of the holding company, or the right to receive shares of stock issued by the holding company upon such terms as are specified in the plan of exchange.
As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.69; P.L.262-1995, SEC.22.