Indiana § 28-1-30-8 - Transitional period
Full text of Indiana Indiana Code § 28-1-30-8 — Transitional period, with citation guidance and answers to common questions.
§ 28-1-30-8. Transitional period
Sec. 8. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following:
(1) Wind up any activities legally engaged in by the credit union at the time of mutual bank conversion but not permitted to mutual banks.
(2) Retain any assets legally held by the credit union at the time of the mutual bank conversion that may not be held by a mutual bank.
(3) Attain and maintain sixty percent (60%) of its assets in investments that qualify under 26 U.S.C. 7701(a)(19).
(b) The terms and conditions of any transitional period under this section are at the discretion of the department.
As added by P.L.62-1999, SEC.2.
Frequently Asked Questions About Indiana § 28-1-30-8
What does Indiana Code § 28-1-30-8 cover?
Section 28-1-30-8 ("Transitional period") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 28-1-30-8?
A common citation format is "Indiana Code § 28-1-30-8" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-1-30-8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.