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Can you summarize IC 28-1-33?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Charter Conversion of a Mutual Savings Bank Into a Credit Union
Short Summary
This legal document governs the procedures for charter conversion of a mutual savings bank into a credit union in Indiana. It applies to mutual savings banks that wish to convert into a credit union, with an exemption for the conversion of a mutual savings bank into a federally chartered credit union. The procedures prescribed by the Department of Financial Institutions include the preparation and submission of a conversion plan by the mutual savings bank, adoption of the conversion plan by the board of directors, submission of the plan and resolution to the department for approval, and obtaining the approval of the majority of voting parties. The director of the department may require additional relevant information from the converting mutual savings bank. No specific penalties are mentioned in this document.
Whom does it apply to?
Mutual savings banks that wish to convert into a credit union
What does it govern?
Procedures for charter conversion of a mutual savings bank into a credit union in Indiana
What are exemptions?
Exemption for the conversion of a mutual savings bank into a federally chartered credit union
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Indiana