Indiana § 28-1-30-6 - Approval of conversion

§ 28-1-30-6. Approval of conversion

Sec. 6. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter.

(b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but without the requirement of a public hearing, that:

(1) the resulting mutual bank will operate in a safe, sound, and prudent manner;

(2) the proposed mutual bank conversion will not result in a mutual bank that has inadequate capital, unsatisfactory management, or poor earnings prospects;

(3) the management or other principals of the credit union are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual bank proposed to be formed as a result of the mutual bank conversion; and

(4) the interests of the:

(A) members and creditors of the credit union;

(B) depositors and creditors of the mutual bank; and

(C) public generally;

will not be jeopardized by the proposed mutual bank conversion.

As added by P.L.62-1999, SEC.2.