reglab/housing_qa huggingface dataset:
IN Code § 28-6.2-7-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-4. Solicitations of Proxies

Sec. 4. Solicitations of proxies by any person in connection with any membership vote required under this chapter must be accompanied by proxy materials in a form appropriate to, and containing the information relevant to, the action that members are being asked to approve.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-7-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-5. Use of Proxies

Sec. 5. Whenever a mutual savings bank or mutual holding company is required by this chapter to obtain membership approval for a transaction, the savings bank or mutual holding company may use any existing proxy conferring general authority to vote on any and all matters at any meeting of members if the member granting the proxy:(1) has been furnished a proxy statement regarding the proposed transaction; and(2) does not revoke the proxy before the vote at the meeting at which the transaction will be considered.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-7-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-6. Plan of Conversion

Sec. 6. A mutual holding company organized under the laws of the United States may convert to a mutual holding company organized under this article in accordance with a plan of conversion approved by the department that is substantially the same as a plan of a mutual bank conversion authorized in IC 28-1-21.7.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-7-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-7. Adoption of Rules to Implement Chapter

Sec. 7. The department may adopt rules under IC 4-22-2 or adopt policies necessary to implement this chapter.As added by P.L.122-1994, SEC.101.
IN Code § 28-7-1-0.1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-0.1. Application of Certain Amendments to Chapter

Sec. 0.1. The amendments made to section 9(9) of this chapter by P.L.14-1992 apply to expenditures made by credit unions after July 1, 1992, for buildings or other office space.As added by P.L.220-2011, SEC.464.
IN Code § 28-7-1-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-1. Persons Authorized to Organize; Application; Articles of Incorporation

Sec. 1. (a) Any seven (7) persons who are residents of Indiana, of legal age, and representing not less than five hundred (500) persons who belong to one (1) or more qualified groups (as defined in section 10 of this chapter) may apply to the department for permission to organize a credit union, by signing and acknowledging, in triplicate, articles of incorporation.(b) Those persons desiring to organize a credit union under this chapter shall make application on forms prescribed by the director. The articles shall state:(1) the name of the credit union;(2) the address of the credit union's principal office;(3) the purpose for which it is formed;(4) qualification for membership in the credit union;(5) the par value of the shares;(6) the maximum number of directors;(7) the name, address, and term of office of each member of the first board of directors;(8) the name and address of each of the incorporators and the number of shares subscribed to by each; and(9) any other provisions for the regulation of the affairs of the corporation.(c) The application shall be signed by all incorporators before a notary public.(d) The department shall make a careful investigation of:(1) the character and management qualifications of the proposed directors and officers; and(2) the economic feasibility of the proposed credit union service.(e) The application shall be processed as follows:(1) The applicant shall give notice of its application in accordance with IC 28-11-5.(2) If exceptions to the application are filed with the department, a public hearing on the application may be scheduled and held in accordance with IC 28-11-5-7.(3) If no exceptions to the application are filed, the department shall approve or deny the application within one hundred twenty (120) days.(f) If the proposed credit union is approved, triplicate copies of the articles of incorporation shall be filed with the secretary of state. The secretary of state shall file one (1) copy of the articles and shall issue a certificate of incorporation to the incorporators. The certificate of incorporation, together with two (2) copies of the articles, shall be returned to the incorporators.(g) The articles shall be filed with the recorder of the county in which the credit union is to be located.Formerly: Acts 1961, c.182, s.1; Acts 1974, P.L.130, SEC.1. As amended by Acts 1977, P.L.294, SEC.2; P.L.270-1983, SEC.1; P.L.52-1985, SEC.6; P.L.14-1992, SEC.121; P.L.228-1993, SEC.1; P.L.42-1993, SEC.73; P.L.263-1995, SEC.2.
IN Code § 28-7-1-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-3. Bylaws; Requirement to Commence Business; Form

Sec. 3. A credit union may not commence business until it submits a completed set of bylaws to the department. The department shall have a form of bylaws prepared, consistent with this chapter, which shall be used by credit union incorporators. Bylaws shall be available to persons desiring to organize a credit union.Formerly: Acts 1961, c.182, s.3. As amended by Acts 1977, P.L.294, SEC.3; P.L.263-1995, SEC.3.
IN Code § 28-7-1-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-4. Bylaws; Contents

Sec. 4. (a) The bylaws, as provided in section 3 of this chapter, with acknowledgment of their adoption by the incorporators or board of directors, must provide at least the following:(1) That the board of directors shall annually establish a date for the annual meeting. The bylaws shall prescribe the manner of notifying the members of meetings, the manner of conducting the meetings, and the number of members constituting a quorum, which shall in no case be less than fifteen (15) members.(2) The number of directors of the corporation, which shall not be less than five (5), all of whom shall be members.(3) The powers and duties of the directors.(4) The duties of the officers who are elected by the board of directors.(5) The number of members of the supervisory committee, which shall not be less than three (3), together with their respective powers and duties.(6) The terms under which shares may be issued, transferred, and withdrawn and loans may be made and repaid.(7) Any other provisions consistent with this chapter.(b) The bylaws must prescribe procedures which ensure that all credit union members have an opportunity to vote, either in person or by absentee ballot, at any meeting of the shareholders. A member may not vote by proxy. A member, other than a natural person, may vote through an agent designated for that purpose. An agent may not represent more than one (1) entity.(c) This section does not prevent a credit union from having more restrictive provisions in its bylaws than are required by this chapter.Formerly: Acts 1961, c.182, s.4; Acts 1969, c.133, s.1. As amended by Acts 1977, P.L.294, SEC.4; P.L.270-1983, SEC.2; P.L.52-1985, SEC.7; P.L.171-1986, SEC.1; P.L.263-1995, SEC.4.
IN Code § 28-7-1-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-7. Amendment of Articles

Sec. 7. (a) A credit union may amend its articles of incorporation. An amendment shall be proposed by the board of directors by the adoption of a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the shareholders upon approval by the department. If the resolution is to be proposed at the annual meeting, notice of the proposal shall be included in the notice of the annual meeting. If the resolution is to be proposed at a special meeting, the special meeting shall be called by the resolution proposing the amendment, and notice of the meeting shall be given to each member of the credit union not less than five (5) days before the meeting. The notice must state the purpose of the meeting and contain the subject of the proposed amendment.(b) The proposed amendment shall be adopted upon receiving the affirmative votes of at least three-fourths (3/4) of the shareholders present at the meeting.(c) Upon the adoption of an amendment to the articles of incorporation, articles of amendment shall be executed and filed in the following manner:(1) The articles of amendment shall be prepared and signed in triplicate by the president and secretary of the credit union. The department may approve them in the manner provided in IC 28-12-5.(2) The amendment, if approved by the department, shall be filed with the secretary of state. The secretary of state shall keep one (1) copy of the articles in his office and shall issue a certificate of amendment to the credit union. The secretary of state shall return the certificate of amendment with a copy of the articles of amendment to the credit union and file the other copy of the articles with the department. A credit union shall not exercise any power, right, or authority conferred by an amendment until a copy of the articles has been filed with the recorder of the county in which the credit union is located.Formerly: Acts 1961, c.182, s.7. As amended by Acts 1977, P.L.294, SEC.5; P.L.14-1992, SEC.122; P.L.263-1995, SEC.5.
IN Code § 28-7-1-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-8. Unauthorized Use of Name "Credit Union"; Violations

Sec. 8. (a) The use of any name or title that contains the words "credit union", or that means "credit union" in any language, is unlawful unless the name is used by:(1) a corporation authorized to use the words "credit union" under Indiana or United States law; or(2) the Indiana Credit Union League, Inc., and its affiliates.(b) The department is authorized to exercise the powers under IC 28-11-4 against a person, firm, limited liability company, or corporation that improperly holds itself out as a credit union.(c) A person, firm, limited liability company, or corporation that violates this section is subject to a penalty of five hundred dollars ($500) per day for each day during which the violation continues. The penalty imposed shall be recovered in the name of the state on relation of the department and, when recovered, shall be paid into the financial institutions fund established by IC 28-11-2-9.Formerly: Acts 1961, c.182, s.8. As amended by Acts 1978, P.L.2, SEC.2820; P.L.52-1985, SEC.8; P.L.263-1995, SEC.6; P.L.141-2005, SEC.12.
IN Code § 28-7-1-9.1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-9.1. Sale of Life Insurance Policy or Annuity Contract; Prohibitions

Sec. 9.1. (a) A credit union or a related credit union service organization (as defined in section 0.5(7) of this chapter) that acts as an insurance producer for the sale of a life insurance policy or an annuity contract issued by a life insurance company (as defined in IC 27-1-2-3):(1) is subject to the requirements of IC 27; and(2) must comply with the disclosure requirements of IC 27-1-38.(b) A credit union or credit union service organization may not condition:(1) an extension of credit;(2) a lease or sale of real or personal property;(3) the performance of a service; or(4) the amount charged for:(A) extending credit;(B) leasing or selling real or personal property; or(C) performing services;upon a person's purchase of a life insurance policy or an annuity contract from the credit union or related credit union service organization.(c) This section does not prohibit a credit union or a credit union service organization from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the credit union or credit union service organization.As added by P.L.188-1997, SEC.11. Amended by P.L.63-2001, SEC.16, P.L.81-2001, SEC.5 and P.L.134-2001, SEC.18; P.L.130-2002, SEC.8; P.L.178-2003, SEC.93.
IN Code § 28-7-1-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-10. Membership; Identification; Qualified Groups; Membership Cards

Sec. 10. (a) The membership of credit unions shall be clearly and specifically identified. The membership of a credit union shall be limited to one (1) or more qualified groups of persons, immediate family members of the persons in the qualified group or groups, and organizations of those persons. For purposes of this section, a qualified group consists of:(1) persons having a common bond of occupation, trade, or professional association;(2) members of a labor organization;(3) members of a church;(4) persons engaged in a common trade or profession within a well defined geographical location;(5) employees of the credit union;(6) persons who are members of a farm bureau cooperative, or other farm bureau organization, and who have subscribed to one (1) or more shares; or(7) persons who reside or are employed within a community.(b) A credit union may expand its membership with an additional qualified group or groups upon prior approval of the department.(c) Membership cards must be kept on file and maintained in the credit union's main office for inspection by examiners and must contain at least the following information:(1) Account number, name, address, date of birth, signature of member, and the date signed.(2) A statement that the member is eligible for membership in the credit union by reason of employment, membership, affiliation, association, or other relationship with the organization, institution, corporation, or entity included in the credit union's field of membership.(3) Date, signature, and title of person authorized to record approval by the board, membership officer, or executive committee.Formerly: Acts 1961, c.182, s.10; Acts 1974, P.L.130, SEC.3. As amended by Acts 1982, P.L.170, SEC.2; P.L.271-1983, SEC.1; P.L.52-1985, SEC.10; P.L.14-1992, SEC.124; P.L.263-1995, SEC.8; P.L.53-2002, SEC.2; P.L.35-2010, SEC.150.
IN Code § 28-7-1-10.1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-10.1. Illegal Members; Purging of Accounts; Loans Not Affected

Sec. 10.1. The department shall consider a person, a firm, a corporation, or an organization to be an illegal member if the person, firm, corporation, or organization:(1) became a member of a credit union; and(2) did not qualify under section 10(a) of this chapter or the articles of incorporation of the credit union.The membership of any illegal member, as determined by the department, shall be terminated and all accounts shall be purged from the active share accounts of the credit union within the period specified in writing by the department. However, a loan agreement between a terminated member and the credit union is unaffected by the termination and, if a loan involving an illegal member is secured by shares, the share account, to the extent encumbered by the loan, remains valid until unencumbered.As added by P.L.35-2010, SEC.151.
IN Code § 28-7-1-10.6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-10.6. Issuing Shares in a Revocable or Irrevocable Trust; Conditions

Sec. 10.6. A credit union may issue shares in a revocable or irrevocable trust, subject to the following:(1) If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor's own right.(2) If shares are issued in an irrevocable trust, at least one (1):(A) settlor; or(B) beneficiary;must be a member of the credit union in the settlor's or the beneficiary's own right.(3) The name of each beneficiary must be listed for the trust, whether the trust is revocable or irrevocable.As added by P.L.89-2011, SEC.48.
IN Code § 28-7-1-11 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-11. Quarterly Call Report of Credit Union's Condition; Civil Penalty for Failure to Report; Information in Report

Sec. 11. Each credit union shall make a call report of its condition to the department, at least quarterly on forms and in accordance with guidelines approved by the director. Reports in addition to the regular reports may be required. A credit union that fails to comply with this section may be required by the department to pay a civil penalty of one hundred dollars ($100) for each day of noncompliance. Money paid under this section as determined by the department shall be deposited into the financial institutions fund established by IC 28-11-2-9. Except as specified in IC 28-11-3-3 concerning individual depositors, any information contained in call reports made by credit unions to the department must be made available to any person upon request.Formerly: Acts 1961, c.182, s.11. As amended by Acts 1982, P.L.170, SEC.3; P.L.33-1991, SEC.54; P.L.228-1993, SEC.3; P.L.263-1995, SEC.9; P.L.141-2005, SEC.14; P.L.89-2011, SEC.49.
IN Code § 28-7-1-12 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-12. Examinations of Credit Unions and Affiliates; Recognition of Cpa Audit; Examination of Vendors

Sec. 12. (a) Every credit union and every affiliate of a credit union shall be subject to examination in accordance with IC 28-11-3-1 by the department. A credit union shall be examined by the department as often as the department shall deem necessary. The department shall at all times be given free access to all of the books, papers, securities, and other sources of information, including audit reports and audit working papers for any such credit union. The director, the members of the department, and the supervisor in charge of the division shall have the power to subpoena documents and examine witnesses under oath pertaining to the business of the credit union. The department may accept an audit by a certified public accountant and govern its examination procedures and examination fees accordingly. At the close of each examination, a conference shall be conducted to disclose to the board of directors the findings of the examination.(b) If a credit union contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the credit union and be subject to the department's routine examination procedures, the person that provides the service to the credit union shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this subsection is necessary or desirable, the examination may be made at the expense of the person to be examined. If the person to be examined under this subsection refuses to permit the examination to be made, the director may order any credit union that receives services from the person refusing the examination to:(1) discontinue receiving one (1) or more services from the person; or(2) otherwise cease conducting business with the person.Formerly: Acts 1961, c.182, s.12. As amended by P.L.263-1995, SEC.10; P.L.35-2010, SEC.153; P.L.73-2016, SEC.25.
IN Code § 28-7-1-14 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-14. Fiscal Year; Membership Meetings; Voting Rights

Sec. 14. A credit union fiscal year shall end at the close of business on the thirty-first day of December. Special meetings of the members of any credit union may be convened by order of the board of directors or the supervisory committee, or by a petition of at least ten per cent (10%) of the members. A member shall have one (1) vote. The members may decide on any matter concerning the credit union. The members may overrule the directors, and, by a three-fourths (3/4) vote of those present, may amend the bylaws if the notice of the meeting stated the proposed amendment.Formerly: Acts 1961, c.182, s.14. As amended by P.L.263-1995, SEC.11.
IN Code § 28-7-1-16.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-16.5. Conflicts of Interest; Disqualification; Directors; Committee Members

Sec. 16.5. (a) This section governs the participation of board members in board actions.(b) Unless a matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the credit union, a director, a committee member, an officer, or an employee of a credit union shall not in any manner, directly or indirectly, participate in the deliberation or board action on any matter that affects the director's, committee member's, officer's, or employee's pecuniary interest or the pecuniary interest of an entity other than the credit union in which the director, committee member, officer, or employee is interested.(c) If one (1) or more directors are disqualified from participating in a matter before the credit union board under subsection (b), the remaining qualified directors present at the meeting, if together with the disqualified director constitutes a quorum, may by majority vote exercise all the powers of the board with respect to the matter under consideration. If all of the directors are disqualified, the members of the credit union shall act on the matter.(d) If one (1) or more committee members are disqualified from participating in a matter before the committee under subsection (b), the remaining qualified committee members, if together with the disqualified committee member constitutes a quorum, may by majority vote exercise all the powers of the committee with respect to the matter under consideration. If all the committee members are disqualified, the credit union board shall act on the matter.As added by P.L.35-2010, SEC.156.