Indiana § 28-1-31-7 - Procedures for charter conversion
Full text of Indiana Indiana Code § 28-1-31-7 — Procedures for charter conversion, with citation guidance and answers to common questions.
§ 28-1-31-7. Procedures for charter conversion
Sec. 7. The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following:
(1) The out-of-state financial institution shall prepare and submit to the department a plan of charter conversion that provides the terms and conditions of the charter conversion as required by the department.
(2) The plan of charter conversion must be adopted by not less than a majority of the board of directors of the out-of-state financial institution.
(3) Upon approval of a plan of charter conversion by the board of directors of the out-of-state financial institution, the plan of charter conversion and a certified copy of the resolution of the board of directors approving the plan of charter conversion must be submitted to the department for approval.
(4) The plan of charter conversion must be conditioned upon the approval of not less than a majority of the total number of votes cast at a regular or special meeting of the shareholders.
(5) The out-of-state financial institutions shall provide to the department the additional relevant information requested by the department in connection with the plan of charter conversion.
As added by P.L.1-2006, SEC.490.
Frequently Asked Questions About Indiana § 28-1-31-7
What does Indiana Code § 28-1-31-7 cover?
Section 28-1-31-7 ("Procedures for charter conversion") 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 § 28-1-31-7?
A common citation format is "Indiana Code § 28-1-31-7" (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 § 28-1-31-7 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.