Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following:
(1) The resulting credit union will operate in a safe, sound, and prudent manner.
(2) The proposed charter conversion will not result in a credit union that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(3) The management or other principals of the mutual savings bank are qualified by character and financial responsibility to control and operate the proposed credit union in a legal and proper manner.
(4) The interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion.
(5) The proposed membership of the resulting credit union will comply with the membership requirements of IC 28-7-1-10.
As added by P.L.1-2006, SEC.492.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 33. Charter Conversion of a Mutual Savings Bank Into a Credit Union
28-1-33-1. "Charter Conversion"
28-1-33-4. "Effective Time of the Charter Conversion"
28-1-33-5. "Mutual Savings Bank"
28-1-33-7. Conversion Authority
28-1-33-8. Requirements and Procedures
28-1-33-9. Voting Party Rights
28-1-33-10. Department Approval
28-1-33-11. Requirements for Approval
28-1-33-12. Rights, Privileges, Obligations, and Liabilities
28-1-33-13. Winding Up Activities
28-1-33-15. Filing Articles of Charter Conversion