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Can you summarize IC 28-1-7?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Merger and Consolidation of Banks, Trust Companies, and Building and Loan Associations
Short Summary
The provided legal document content pertains to the merger and consolidation of banks, trust companies, and building and loan associations in Indiana. It outlines the process and requirements for merging or consolidating financial institutions, including the approval of the Department of Financial Institutions. The document specifies that the approval of the department is not required if the surviving corporation is organized under the laws of the United States or a state other than Indiana. The document also covers the submission of resolutions and joint agreements for approval, the voting process by shareholders, the execution of the merger or consolidation agreement, and the filing of articles of merger or consolidation with the secretary of state. It further explains the effect of a merger or consolidation on corporate structures, powers, privileges, and obligations, as well as the rights of shareholders and the preservation of fiduciary relationships. The document does not mention any specific exemptions or penalties. Overall, it provides a comprehensive overview of the legal framework and procedures for mergers and consolidations in the financial institutions sector in Indiana.
Whom does it apply to?
Financial institutions such as banks, trust companies, and building and loan associations.
What does it govern?
The merger and consolidation of various financial institutions, including banks, trust companies, corporate fiduciaries, savings banks, savings associations, and industrial loan and investment companies.
What are exemptions?
The approval of the Department of Financial Institutions is not required if the surviving corporation is organized under the laws of the United States or a state other than Indiana.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Indiana