Indiana § 28-3-2-10 - Savings banks; request for order to merge, consolidate, or join with acquiring national banking association; requirements
Full text of Indiana Indiana Code § 28-3-2-10 — Savings banks; request for order to merge, consolidate, or join with acquiring national banking association; requirements, with citation guidance and answers to common questions.
§ 28-3-2-10. Savings banks; request for order to merge, consolidate, or join with acquiring national banking association; requirements
Sec. 10. (a) A savings bank may request that the department order the savings bank to merge, consolidate, or otherwise join with an acquiring institution that is a national banking association.
(b) A savings bank may make a request under subsection (a) only if its board of trustees has, at a regular or special meeting called for that purpose, by a vote of at least two-thirds (2/3) of the then qualified and acting trustees, adopted a resolution stating that in the opinion of the board, the merger, consolidation, or other joining together is in the best interests of the depositors and other creditors of the savings bank.
(c) The department may order a merger, consolidation, or other joining requested under subsection (a) if it determines that:
(1) the depositors of the savings bank would not receive any liquidating dividend upon the dissolution of the savings bank; and
(2) the acquiring institution is willing to be the surviving corporation.
(d) The approval of the depositors of a savings bank is not required for a merger, consolidation, or joining together under this section.
(e) A savings bank and an acquiring institution may not merge, consolidate, or join together under this section if they are located in different counties.
(f) When two (2) or more institutions merge, consolidate, or join together under this section, the resulting institution may maintain as a branch office any principal or branch office of the institution or institutions with which it merged, consolidated, or joined together.
(g) To facilitate a merger, consolidation, or joining together under this section, the department may convert the charter, form of ownership, or operating powers of a savings bank into the charter, form of ownership, or operating powers of the acquiring institution.
As added by P.L.263-1983, SEC.4.
IC 28-3-3Chapter 3. Correction of Notice of Liquidation
28-3-3-1Notice of voluntary liquidation to correct prior failure to give notice 28-3-3-2Limitation of actions
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-3-2-10
What does Indiana Code § 28-3-2-10 cover?
Section 28-3-2-10 ("Savings banks; request for order to merge, consolidate, or join with acquiring national banking association; requirements") 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 § 28-3-2-10?
A common citation format is "Indiana Code § 28-3-2-10" (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 § 28-3-2-10 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.