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Indiana Code Title 28. Financial Institutions § 28-7-1-1

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

Sec. 1.  (a) Any seven (7) persons who are residents of Indiana, of legal age, and representing not less than five hundred (500) persons who belong to one (1) or more qualified groups (as defined in section 10 of this chapter) may apply to the department for permission to organize a credit union, by signing and acknowledging, in triplicate, articles of incorporation.

(b) Those persons desiring to organize a credit union under this chapter shall make application on forms prescribed by the director.  The articles shall state:

(1) the name of the credit union;

(2) the address of the credit union's principal office;

(3) the purpose for which it is formed;

(4) qualification for membership in the credit union;

(5) the par value of the shares;

(6) the maximum number of directors;

(7) the name, address, and term of office of each member of the first board of directors;

(8) the name and address of each of the incorporators and the number of shares subscribed to by each;  and

(9) any other provisions for the regulation of the affairs of the corporation.

(c) The application shall be signed by all incorporators before a notary public.

(d) The department shall make a careful investigation of:

(1) the character and management qualifications of the proposed directors and officers;  and

(2) the economic feasibility of the proposed credit union service.

(e) The application shall be processed as follows:

(1) The applicant shall give notice of its application in accordance with IC 28-11-5.

(2) If exceptions to the application are filed with the department, a public hearing on the application may be scheduled and held in accordance with IC 28-11-5-7.

(3) If no exceptions to the application are filed, the department shall approve or deny the application within one hundred twenty (120) days.

(f) If the proposed credit union is approved, triplicate copies of the articles of incorporation shall be filed with the secretary of state.  The secretary of state shall file one (1) copy of the articles and shall issue a certificate of incorporation to the incorporators.  The certificate of incorporation, together with two (2) copies of the articles, shall be returned to the incorporators.

(g) The articles shall be filed with the recorder of the county in which the credit union is to be located.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-7-1-1 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-7-1-1/

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