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Financial Institutions > MUTUAL SAVINGS BANK HOLDING COMPANIES
Short Summary
The provided legal document content defines various terms and concepts related to mutual savings bank holding companies. It covers definitions for terms such as ‘Acquiree savings bank’, ‘Affiliate’, ‘Associate’, ‘Company’, ‘Control’, ‘Default’, ‘Director’, ‘FDIC’, ‘Federal mutual holding company’, ‘Member’, ‘Mutual holding company’, ‘Mutual savings bank’, ‘Parent’, ‘Person’, ‘Reorganization plan’, ‘Reorganizing savings bank’, ‘Resulting savings bank’, ‘Savings association’, ‘Stock’, ‘Stock benefit plan’, ‘Stock issuance plan’, ‘Stock savings bank’, ‘Subsidiary’, and ‘Voting parties’. The document provides clarity on the scope and meaning of these terms within the context of mutual savings bank holding companies. It applies to mutual savings bank holding companies, savings banks, and related entities. The document also mentions an exemption for trusts that terminate within a specified timeframe after the death of an individual. However, no specific penalties are mentioned in the document. The provided legal document content pertains to the reorganization of a mutual savings bank into a mutual holding company. The document outlines the process and requirements for this reorganization, including the option to organize subsidiary stock savings banks or a first-tier and second-tier subsidiary stock savings bank. The reorganizing savings bank must obtain approval from the department and the primary federal regulator. Before reorganizing, the savings bank must obtain approval of a reorganization plan from the board of directors and the voting members. The department may accept, request additional information, or return the application for processing. The department must approve or disapprove the proposed reorganization plan within ninety days of acceptance, subject to any necessary conditions. The department has the authority to disapprove the application if it would result in unsafe or unsound practices, if the plan is not fair to the members or does not protect the interests of deposit account holders, if the financial or managerial resources are inadequate, if there would be inadequate capital, if the stock issuance fails to meet standards, or if required information is not provided. Once the reorganization plan is approved, articles of reorganization must be filed to effect the reorganization. The document also addresses the voting rights of the reorganizing mutual savings bank parties, the transfer of assets and liabilities to the resulting savings bank, and the treatment of deposit accounts. The reorganization plan can be amended or terminated with appropriate consent. The document does not mention any specific exemptions or penalties related to the reorganization of mutual savings bank holding companies. This legal document governs the issuance of stock by a savings bank subsidiary of a mutual holding company in Indiana. It requires prior written approval from the department for a savings bank subsidiary to issue stock to persons other than its mutual holding company parent. The department will approve a proposed stock issuance plan if certain criteria are met, including providing sufficient capital to the savings bank and its subsidiaries, not being detrimental to the interests of the savings bank and its members, and having a reasonable price, classification, and terms for the stock. The plan also needs to be approved by the members of the mutual holding company or the reorganizing savings bank. The document does not specify any penalties for non-compliance or violations. It also outlines the requirements for obtaining approval for a proposed stock issuance plan, including the need to include the proposed sales price or price range supported by independent persons experienced in corporate valuations. The document allows for the issuance of stock with no present or contingent voting rights to persons other than the mutual holding company by savings bank subsidiaries, as long as it complies with applicable law. It also provides provisions for amending or terminating a stock issuance plan, as well as the termination of a plan if not completed within the specified time unless an extension is approved by the department. The document also outlines provisions that a stock issuance plan may include, such as the ability to commence the offering concurrently or after the mailing of proxy statements, the sale of unsold stock through other approved methods, and the possibility of issuing and selling units of securities instead of shares of stock. Overall, this document provides discretionary provisions for the issuance of stock by mutual savings bank holding companies in Indiana. The provided legal document pertains to the articles of reorganization of a mutual holding company. It specifies that the articles of reorganization must be in a form approved by the director and contain the elements set forth in IC 28-12-2-1. The director may establish and require a specific form for the articles of reorganization. The articles of reorganization and any amendments to them must be filed with and approved by the department in the manner established in IC 28-12-5. Upon the effective date of reorganization or acquisition, the owners of deposit accounts and borrowers in the resulting or acquiree savings bank become members of the mutual holding company. Their membership rights in the mutual savings bank end and their membership rights in the mutual holding company begin. A person becomes a member of a mutual holding company by owning a deposit account in a subsidiary mutual savings bank or by borrowing from a subsidiary mutual savings bank. Members of a mutual holding company have voting rights based on the combined withdrawal value of their deposit accounts or as a borrower. They may vote in person or by proxy at any meeting. A quorum of members at a regular or special meeting can be any number of eligible members voting in person or by proxy. The effective date of the articles of reorganization and amendments to the articles of reorganization must be the date of recording in the office of the secretary of state, unless a delayed effective date is specified in the articles of reorganization. This legal document governs the powers of a mutual holding company in Indiana. It outlines the various actions and activities that a mutual holding company is allowed to undertake. These include investing in or acquiring control of banks, savings banks, or savings associations, as well as their holding companies. The mutual holding company can also acquire other mutual holding companies or control them through mergers. Additionally, the document permits the mutual holding company to invest in approved corporations, engage in activities allowed for savings banks, provide management services for subsidiaries, and hold or manage assets and properties. The document also allows for the conversion of the mutual holding company and its subsidiaries into a mutual savings bank under certain conditions. Overall, this document provides a comprehensive framework for the investment and acquisition powers of mutual holding companies in Indiana. The provided legal document content pertains to the reporting and regulation of mutual holding companies. It states that each mutual holding company is required to furnish an annual report for the fiscal year in which it becomes a mutual holding company, as well as for each fiscal year during which it remains a mutual holding company. The director may also require additional information and reports from the mutual holding company. The document further mentions that the department has the authority to examine any mutual holding company and its subsidiaries. The department may rely on examination reports made by the primary federal or state supervisor of a subsidiary financial institution of a mutual holding company. Additionally, the provisions of IC 28-11 and IC 28-13, which apply to mutual savings banks, also apply to mutual holding companies. However, no specific exemptions or penalties are mentioned in these documents. The provided legal document pertains to the conversion and liquidation of mutual holding companies. It states that a mutual holding company may convert from mutual to stock form with the approval of the department, following procedures similar to the conversion of a mutual savings bank. The department has the authority to file a petition for the liquidation of a mutual holding company under certain circumstances, such as default of the resulting savings bank, acquiree savings bank, or subsidiary savings bank, default of the mutual holding company itself, or foreclosure on any pledge of subsidiary savings bank stock. The net proceeds of the liquidation are to be transferred to the members of the mutual holding company as specified in the articles of reorganization. In case of a loss incurred by the FDIC due to default of a savings bank subsidiary, if the mutual holding company is liquidated, the FDIC succeeds to the membership interests of the depositors to the extent of its loss. The document also mentions that IC 28-11-3 applies to a mutual holding company in the same manner as it applies to a savings bank. It further states that solicitations of proxies in connection with membership votes must be accompanied by appropriate proxy materials containing relevant information. Additionally, a mutual savings bank or mutual holding company may use existing proxies conferring general authority to vote on any matters if the member granting the proxy has been furnished a proxy statement regarding the proposed transaction and does not revoke the proxy before the vote. The document also allows for the conversion of a mutual holding company organized under the laws of the United States to a mutual holding company organized under the provided article. Finally, the department is granted the authority to adopt rules or policies necessary to implement the provisions of this chapter.
Whom does it apply to?
Mutual savings bank holding companies, savings banks, reorganizing savings banks, resulting savings banks, and their members
What does it govern?
Mutual savings bank holding companies, savings banks, and related entities
What are exemptions?
Trusts that terminate within a specified timeframe after the death of an individual
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Indiana