Sec. 7. Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, unless the department allows otherwise. Depositors may have interests in a liquidation account, if one is established.
As added by P.L.89-2011, SEC.33.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 7.1. Voluntary Supervisory Conversion
28-1-7.1-1. "Depository Financial Institution"
28-1-7.1-2. "Standard Conversion"
28-1-7.1-4. Voluntary Supervisory Conversion; Types of Transactions
28-1-7.1-5. Voluntary Supervisory Conversion; Eligibility; Conditions
28-1-7.1-8. Plan of Conversion; Adoption by Board; Contents
28-1-7.1-9. Application to Department; Required Information and Documents