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Indiana Code Title 28. Financial Institutions § 28-6.1-18-9

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

Sec. 9. (a) If after hearing the matter, the court determines that it will not be in the best interest of the depositors and other creditors of the savings bank that the savings bank liquidate its affairs and dissolve, the court shall enter an order:

(1) directing the department to return the business and property of the savings bank to the board;  and

(2) dismissing the action.

(b) If an order is issued under subsection (a):

(1) the savings bank shall continue to operate as though the proceedings had never begun;  and

(2) all costs of the proceedings to the date of the entry of the order shall be paid by the savings bank.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-6.1-18-9 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-6-1-18-9/

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