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Can you summarize IC 28-1-32?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Conversion of a Mutual Savings Association Into a Credit Union
Short Summary
The provided legal document content pertains to the conversion of a mutual savings association into a credit union as governed by the Indiana Code. The document outlines the definitions of key terms such as ‘conversion plan’, ‘credit union’, ’effective time of the conversion’, ‘mutual savings association’, and ‘voting parties’. It specifies that a mutual savings association may convert into a credit union with the approval of the Department of Financial Institutions. The conversion plan must be prepared, adopted by the board of directors, and approved by the department and voting parties. The document also highlights that the conversion of a mutual savings association into a federally chartered credit union follows different procedures. It further states that the resulting credit union possesses the rights, privileges, immunities, and powers of a credit union, and is subject to applicable statutes, rules, duties, restrictions, obligations, and liabilities. The department may authorize the credit union to wind up certain activities and retain assets for a transitional period. The converted credit union must file articles of conversion with the secretary of state and is subject to all statutes and rules applicable to credit unions. The department may adopt rules or policies to implement this chapter. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Mutual savings associations, credit unions, board of directors, voting parties
What does it govern?
Conversion of a mutual savings association into a credit union
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Indiana