Sec. 12. (a) Subject to subsection (b), a bank or trust company formed under this chapter shall, within three (3) years from its date of conversion, conform to the limitations prescribed by IC 28-1-13.
(b) The department may extend the time for the new bank or trust company to conform to the limitations prescribed by IC 28-1-13 if the interest of the depositors will be protected and served by an extension.
As added by P.L.42-1993, SEC.72.
Structure Indiana Code
Title 28. Financial Institutions
Chapter 15. Conversion of a Savings Bank to a Bank or Trust
28-6.1-15-1. Application of Chapter
28-6.1-15-2. Effective Date of Conversion
28-6.1-15-3. Conversion Permitted
28-6.1-15-4. Resolutions of Conversion
28-6.1-15-5. Terms and Conditions of Conversions; Rights of Depositors
28-6.1-15-6. Approval or Disapproval of Resolutions of Conversion by Department
28-6.1-15-7. Notice to Depositors; Objections; Judicial Review
28-6.1-15-8. Approval of Articles of Incorporation by Secretary of State
28-6.1-15-9. Prerequisites to Doing Business
28-6.1-15-10. Effect of Conversions
28-6.1-15-11. Continued Service of Boards