Indiana Code
Chapter 1. Industrial Loan and Investment Act
28-5-1-25. Conversion Into State Bank, Trust Company, or Savings Association

Sec. 25. (a) Any industrial loan and investment company organized under this chapter may, upon approval of the department, convert into a state bank or trust company or a savings association.
(b) The department shall prescribe the procedure for conversion under this section. The department shall prescribe a procedure that includes the following conditions:
(1) The conversion must be proposed by the board of directors of the industrial loan and investment company in a resolution of conversion.
(2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) of the shareholders of the industrial loan and investment company.
(3) The industrial loan and investment company must provide all relevant information requested by the department in connection with the conversion.
(c) Upon conversion, an industrial loan and investment company has all the rights, privileges, immunities, and powers, and is subject to all the duties, restrictions, penalties, and liabilities of a bank or trust company organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15.
As added by P.L.164-1988, SEC.10. Amended by P.L.79-1998, SEC.71.

Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 5. Industrial Loan and Investment Companies

Chapter 1. Industrial Loan and Investment Act

28-5-1-1. Citation

28-5-1-2. Application of Chapter

28-5-1-3. Definitions; Department's Powers

28-5-1-4. Definitions; Certificate of Authority; Branches; Automated Teller Machines

28-5-1-5. Capital Requirements

28-5-1-6. Corporate Powers

28-5-1-6.3. Request to Exercise Rights and Privileges Granted to National Banks; Appeal

28-5-1-6.5. Sale of Annuity Contracts

28-5-1-7. Repealed

28-5-1-8. Limitation of Total Obligation of Single Borrower; Exceptions; Loans to Officers, Agents, and Employees; Violation; Offense; Credit Exposure From Derivative Transactions

28-5-1-9. Mortgage Loans

28-5-1-10. Time for Existing Companies to Comply With Loan Limits

28-5-1-11. Acquisition or Conveyance of Real Estate; Purposes

28-5-1-12. Certificates of Indebtedness or Investment; Form; Payment; Withdrawals

28-5-1-13. Certificates of Indebtedness or Investment; Reserve Balance

28-5-1-14. Surplus Account; Dividends

28-5-1-15. Authority of Department; Examination of Affiliates; Examination of Vendors

28-5-1-16. Records Retention Policy

28-5-1-17. Rules and Regulations

28-5-1-18. Fidelity Coverage for Officers and Employees; Bonds; Reserve Funds

28-5-1-19. Exclusion From Banking Business; False Advertising; Desist Orders

28-5-1-20. Repealed

28-5-1-21. Elimination of Certificates of Indebtedness or Certificates of Investment, Deposits, or Savings Accounts

28-5-1-22. Violations

28-5-1-22.1. Prohibited Transactions

28-5-1-23. Taxation

28-5-1-24. Repealed

28-5-1-25. Conversion Into State Bank, Trust Company, or Savings Association

28-5-1-26. Requirement to Provide Property Tax Information in Certain Transactions