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Indiana Code Title 28. Financial Institutions § 28-11-5-10

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

Sec. 10. (a) Subject to subsection (g), a financial institution described in section 1 of this chapter that is subject to this chapter may:

(1) be organized as a limited liability company;

(2) convert to a limited liability company;  or

(3) merge with or into a limited liability company;

under the laws of Indiana or the United States, including any rules or regulations adopted or promulgated under the laws of Indiana or the United States.

(b) A financial institution organized as a limited liability company is subject to:

(1) IC 23-18;  and

(2) this title.

If a provision of IC 23-18 conflicts with a provision of this title or with any rule of the department, the provision of this title or the rule of the department controls.

(c) Any filing required to be made under IC 23-18 shall be made in the same manner as for a financial institution that is organizing or is organized in stock form.

(d) The department may prescribe any requirements for:

(1) the articles of organization;  and

(2) the operating agreement;

of a financial institution that is organized and operates as a limited liability company.

(e) The department has the exclusive authority under this title to regulate a financial institution organized as a limited liability company.  A financial institution that is a limited liability company is subject to the department's authority in the same manner as a bank that is organized in stock form.

(f) A financial institution that is a limited liability company is subject to the provisions of this title that apply to banks, except for the provisions concerning corporate governance (IC 28-13), in the same manner as a financial institution that is organized in stock form, subject to the following:

(1) In the case of a manager managed limited liability company, “director” means a manager of the limited liability company.

(2) In the case of a member managed limited liability company, “director” means a member of the limited liability company.

(g) A financial institution may not:

(1) organize as;

(2) convert to;  or

(3) merge with or into;

a limited liability company without the prior approval of the department under this title.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-11-5-10 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-11-5-10/

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