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Indiana Code Title 28. Financial Institutions § 28-1-30-6

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 6. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter.

(b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but without the requirement of a public hearing, that:

(1) the resulting mutual bank will operate in a safe, sound, and prudent manner;

(2) the proposed mutual bank conversion will not result in a mutual bank that has inadequate capital, unsatisfactory management, or poor earnings prospects;

(3) the management or other principals of the credit union are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual bank proposed to be formed as a result of the mutual bank conversion;  and

(4) the interests of the:

(A) members and creditors of the credit union;

(B) depositors and creditors of the mutual bank;  and

(C) public generally;

will not be jeopardized by the proposed mutual bank conversion.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-1-30-6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-1-30-6/

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