Sec. 4. (a) If the department receives a statement under section 3 of this chapter, the department shall examine the business and affairs of the savings bank and may make additional investigation of the future prospects of the savings bank the department considers necessary.
(b) If the department finds from the examination that:
(1) the savings bank is solvent, or that the savings bank has sufficient assets with which to pay all of its depositors and all of its other liabilities; and
(2) it will be in the best interests of the depositors and other creditors of the savings bank that the savings bank's affairs be liquidated and that the savings bank be dissolved;
the department may enter a written order directing the liquidation and dissolution of the savings bank.
(c) As soon as practical after an order is issued under subsection (b), the department shall, by a separate order, appoint a special representative of the department to act during the course of the liquidation.
(d) During the course of the liquidation, the department may employ, fix the compensation of, remove, and discharge special representatives, assistants, accountants, agents, and attorneys as the department considers necessary.
As added by P.L.42-1993, SEC.72.
Structure Indiana Code
Title 28. Financial Institutions
28-6.1-18-1. Application of Chapter
28-6.1-18-2. Dissolutions; Determinations of Boards
28-6.1-18-3. Resolutions of Dissolution
28-6.1-18-4. Liquidation Orders; Employment of Necessary Personnel
28-6.1-18-5. Civil Actions; Filing
28-6.1-18-6. Jurisdiction of Courts
28-6.1-18-7. Taking Charge of Business and Assets by Department; Notice of Departmental Actions
28-6.1-18-8. Petitions Opposing Liquidation and Dissolution
28-6.1-18-9. Dismissal of Liquidation and Dissolution Actions
28-6.1-18-10. Approval of Liquidation and Dissolution Proceedings
28-6.1-18-11. Finality of Judicial Decisions
28-6.1-18-12. Powers and Restrictions of Department
28-6.1-18-13. Completion of Liquidation