Indiana § 28-1-32-12 - Winding up activities
Full text of Indiana Indiana Code § 28-1-32-12 — Winding up activities, with citation guidance and answers to common questions.
§ 28-1-32-12. Winding up activities
Sec. 12. The department may authorize the credit union resulting from a conversion under this chapter to do the following:
(1) Wind up any activities that the savings association was legally engaged in at the effective time of the conversion but that otherwise are not permitted to credit unions.
(2) Retain for a transitional period any assets that the savings association legally held at the effective time of the conversion but that otherwise may not be held by credit unions.
The terms and conditions of the winding up of activities under subdivision (1) and the retention of assets under subdivision (2) are subject to the discretion of the department. However, the transitional period during which activities may be carried out under subdivision (1) or assets may be retained under subdivision (2) may not exceed ten (10) years after the effective time of the conversion.
As added by P.L.1-2006, SEC.491.
Frequently Asked Questions About Indiana § 28-1-32-12
What does Indiana Code § 28-1-32-12 cover?
Section 28-1-32-12 ("Winding up activities") 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 § 28-1-32-12?
A common citation format is "Indiana Code § 28-1-32-12" (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 § 28-1-32-12 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.