Sec. 4. (a) A disposition under this chapter must be approved by the board of the savings bank by the adoption of a resolution by the affirmative vote of at least two-thirds (2/3) of the then qualified and acting trustees.

     (b) The resolution may be adopted at a regular meeting or a special meeting of the board called for that purpose.

     (c) The resolution must contain the following:

(1) A description of the property to be disposed of.

(2) The terms and conditions of and the consideration for the proposed disposition.

(3) A statement to the effect that in the opinion of the board, the disposition will be in the best interests of the depositors and other creditors of the savings bank.

     (d) Three (3) copies of the resolution, certified by the president and the secretary of the savings bank, must be filed with the department.

As added by P.L.42-1993, SEC.72.