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Can you summarize IC 28-3-2?
LIQUIDATION, REORGANIZATION, AND MERGER > MergerState Banks and National Associations
Short Summary
This legal document, found in the Indiana Code, governs the conversion, merger, and consolidation of banks and trust companies with national banking associations. It states that any bank or trust company in Indiana may convert into, merge, or consolidate with a national banking association, subject to the applicable provisions of IC 28-2-13 or IC 28-2-17. The document clarifies that no approval from any officer, department, or agency of the state is required for such conversions, mergers, or consolidations. Additionally, it outlines the process for a national banking association to convert into, merge, or consolidate with a resulting bank or trust company, subject to approval by the department of financial institutions. The approval is granted if the resulting bank or trust company meets the standards set by IC 28-11-5 or IC 28-2. The document also mentions that a savings bank may merge, consolidate, or join together with a national banking association under section 10 of this chapter. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks, trust companies, and national banking associations in Indiana
What does it govern?
Conversion, merger, and consolidation of banks and trust companies with national banking associations
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Indiana