reglab/housing_qa huggingface dataset:
IN Code § 28-6.2-2-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company|28-6.2-2-10. Identical Deposit Accounts

Sec. 10. Each person who holds a deposit account in a reorganizing savings bank or any acquiree savings bank immediately before the reorganization shall receive, upon consummation of the reorganization, without payment, an identical deposit account in the resulting savings bank or the acquiree savings bank.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-2-11 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company|28-6.2-2-11. Amendment or Termination of Reorganization Plan

Sec. 11. A reorganization plan adopted by the boards of directors of the reorganizing savings bank and any acquiree savings bank may be:(1) amended by those boards as a result of any regulator's comments:(A) before any solicitation of proxies from the members to vote on the reorganization plan; and(B) at any later time with the consent of the director; or(2) terminated by either board:(A) at any time before the meeting at which the members vote on the reorganization plan; or(B) at any later time;with the consent of the department.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-1. Written Approval Before Issuance; Criteria for Approval

Sec. 1. (a) A savings bank subsidiary of a mutual holding company, including a resulting or an acquiree savings bank, may not, directly or indirectly, issue stock to persons other than its mutual holding company parent without the prior written approval of the department.(b) The department shall approve a proposed stock issuance plan upon determining that all of the following criteria are met:(1) The plan:(A) would provide the savings bank, its mutual holding company, and any other savings bank subsidiaries of the mutual holding company with sufficient capital; and(B) would not be detrimental to the savings bank, its mutual holding company, members of the mutual holding company, or the interest of depositors of the savings bank.(2) The proposed price or price range, the classification, and any terms or conditions of the stock to be issued are reasonable.(3) The plan is approved by the members of the mutual holding company or, if the plan is part of a reorganization plan, by members of the reorganizing savings bank, at a meeting of the members of the mutual holding company or the reorganizing savings bank.(c) In determining whether the criteria set forth in subsection (b) are met, the department may consider the following factors:(1) The size, capital position, and quality of management of the savings bank.(2) The business objective of the savings bank.(3) The dollar amount and number of shares to be issued under the plan.(4) The market conditions that may affect the plan.(5) The existence of a trading market in, or methods of later resale or repurchase of, the stock to be issued under the plan.(6) Any benefits provided to the savings bank through employee or director incentives.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-2. Proposed Price of Stock

Sec. 2. Each application for approval of a proposed stock issuance plan must state and explain the proposed sales price or the price range if an exact price cannot be determined. The application must do the following:(1) Support the reasonableness of the proposed price or price range by independent persons who are experienced in corporate valuations.(2) Indicate the basis for determination of the income to be derived from the proceeds of the stock sale, demonstrate the appropriateness of the earnings multiple used, and include all assumptions regarding future earnings growth, if the proposed price or price range is based upon a capitalization of the projected income of the savings bank after the issuance of the stock. If the proposed price or price range is based upon a comparison of the stock of the savings bank with the issued and outstanding stock of other stock savings banks or similar institutions, those institutions must be reasonably comparable to the savings bank in terms of size, asset composition, market area, competitive conditions, profit history, expected future earnings, and other stated relevant factors.(3) State the amount of the discount and explain how that discount was determined, if the proposed price or price range includes any discount due to the minority status of the stock to be offered.(4) State any additional information about the pricing that the department may request.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-3. Representations Regarding Price of Stock

Sec. 3. No representations may be made in any manner in connection with the offer or sale of any stock issued under this chapter that:(1) the price, price range, or any other pricing information related to a stock issuance has been approved by the department;(2) the stock has been approved by the department; or(3) the department has endorsed the accuracy or adequacy of any securities offering or sales documents disseminated in connection with the stock.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-4. Stock Issuance Plan Requirements

Sec. 4. A stock issuance plan must do the following:(1) Describe all significant terms of the proposed stock issuance and include:(A) any proposed stock order form; and(B) any agreement or other document defining or limiting the rights of stockholders.(2) Provide that the aggregate outstanding voting common stock owned or controlled by persons other than the mutual holding company at the close of the issuance must be less than fifty percent (50%) of the total number of shares of outstanding voting common stock. This provision may be omitted if the issuance will be conducted by a savings bank that was in the stock form when acquired by its mutual holding company parent if the savings bank is not a resulting savings bank or an acquiree savings bank. Any stock that has no present or contingent voting rights may be issued by a savings bank subsidiary of a mutual holding company to persons other than the savings bank's mutual holding company, consistent with applicable law.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-5. Purchase of Stock Through Loaned Funds

Sec. 5. A savings bank shall not offer or sell any stock to any person or corporation whose purchase would be financed by funds loaned to the person or corporation by the savings bank or any of its affiliates, unless that borrowing is approved by the department.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-6. Amendment or Termination of Stock Issuance Plan

Sec. 6. If proposed as part of a reorganization plan, a stock issuance plan may be amended or terminated in the same manner as the reorganization plan under IC 28-6.2-2-11.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-7. Noncompleted Stock Issuance Plan; Termination; Extensions

Sec. 7. A stock issuance plan will be terminated if not completed within the time specified in the plan unless an extension is:(1) requested in writing for good cause shown; and(2) approved in writing by the department.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-3-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 3. Issuance of Stock|28-6.2-3-8. Stock Issuance Plan; Discretionary Provisions

Sec. 8. A stock issuance plan may provide the following:(1) The offering may be commenced concurrently with or after the mailing of any proxy statements to the members of the reorganizing savings bank and any acquiree savings bank if the stock issuance is part of a reorganization plan. The offering may be concluded before the required membership votes if the offer and sale of the stock is conditioned upon the approval of the reorganization plan and issuance plan by the members of the reorganizing savings bank and any acquiree savings bank.(2) Any stock not sold in the offering may be sold in any other manner provided in the stock issuance plan that is approved by the department in writing.(3) Instead of shares of stock, the savings bank may issue and sell units of securities consisting of stock and long-term warrants or other equity securities, in which event any reference to stock in this chapter applies to units of equity securities unless the context otherwise specifies or requires.(4) Purchases of stock by persons or entities acting in concert, or by associates, may not exceed a limit established under the terms of the stock issuance plan.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-4-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 4. Articles of Reorganization|28-6.2-4-1. Required Form and Elements

Sec. 1. (a) The articles of reorganization of a mutual holding company must:(1) be in a form approved by the director; and(2) contain the elements set forth in IC 28-12-2-1.(b) The director may establish and require a specific form for the articles of reorganization of a mutual holding company.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-4-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 4. Articles of Reorganization|28-6.2-4-2. Filing

Sec. 2. The articles of reorganization of a mutual holding company and any amendments to them must be filed with and approved by the department in the manner established in IC 28-12-5.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-4-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 4. Articles of Reorganization|28-6.2-4-3. Required Provisions

Sec. 3. The articles of reorganization of a mutual holding company must provide the following:(1) On the effective date of reorganization or acquisition:(A) the owners of deposit accounts and borrowers in the resulting or acquiree savings bank become members of the mutual holding company; and(B) the membership rights of the owners and borrowers in the mutual savings bank end and their membership rights in the mutual holding company begin.(2) A person becomes a member of a mutual holding company by:(A) owning a deposit account in a mutual savings bank that is a subsidiary of the mutual holding company; or(B) borrowing from a mutual savings bank that is a subsidiary of the mutual holding company.(3) A member of a mutual holding company has one (1) vote for each one hundred dollars ($100) or additional fraction of one hundred dollars ($100) of the combined withdrawal value of the member's deposit accounts in a subsidiary mutual savings bank of the mutual holding company. Each borrowing member is entitled to cast one (1) vote as a borrower.(4) Members of a mutual holding company may vote in person or by proxy at any meeting. A proxy must be in writing and signed by the member or the member's authorized representative. Unless specified in the proxy, a proxy filed with the secretary shall continue in force until revoked by a written notice to the secretary or superseded by another proxy. Except as a proxy, a person may not cast more than fifty (50) votes at any meeting of the members unless a greater number of votes is authorized by the articles of reorganization.(5) A quorum of members at a regular or special meeting shall be comprised of any number of eligible members voting in person or by proxy.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-4-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 4. Articles of Reorganization|28-6.2-4-4. Effective Date

Sec. 4. 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.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-1. Investment and Acquisition Powers; Other Powers

Sec. 1. A mutual holding company may do the following:(1) Invest in or acquire control of:(A) a bank, savings bank, or savings association; or(B) the holding company of a bank, savings bank, or savings association.(2) Acquire a mutual savings bank or mutual savings association by merger with an interim or existing subsidiary savings bank of the mutual holding company from which the mutual holding company has members.(3) Acquire control of another mutual holding company by:(A) merging with or into it; or(B) merging it with or into a subsidiary interim holding company;with the consent of the department and subject to conditions the department may prescribe, upon an affirmative vote of at least two-thirds (2/3) of the board of each entity.(4) Acquire control of a savings bank holding company or savings association holding company in the stock form with the written approval of the department. An acquired holding company may be held as a subsidiary or merged into the mutual holding company.(5) Invest in or acquire control of any corporation that is engaged exclusively in activities approved by the department.(6) Invest in securities in which a savings bank may invest in under IC 28-6.1.(7) Engage in activities in which a savings bank may engage in under IC 28-6.1.(8) Furnish or perform management services for a subsidiary.(9) Hold, manage, or liquidate assets owned or acquired from a subsidiary.(10) Hold or manage property that the mutual holding company or a subsidiary uses.(11) Engage in any activity that the federal reserve board permits a bank holding company to engage in under 12 CFR 225, subpart C, unless limited or prohibited by the department.(12) Convert itself and any savings bank subsidiary into a mutual savings bank under a plan that:(A) is approved by the department;(B) provides that the converting mutual holding company ceases to engage in activities in which the converted savings bank may not engage; and(C) provides that stock in a subsidiary savings bank that is not held by the converting mutual holding company is redeemed.As added by P.L.122-1994, SEC.101. Amended by P.L.79-1998, SEC.79.
IN Code § 28-6.2-5-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-2. Pledging Stock

Sec. 2. (a) A mutual holding company, to collateralize an obligation of its own or of any of its subsidiaries or affiliates, may pledge any stock that comprises a minority interest in any subsidiary or any stock that the mutual holding company holds in the following:(1) A subsidiary savings bank, if the proceeds or other benefit of the obligation collateralized are received by the savings bank whose stock is pledged.(2) A subsidiary savings bank that was in the stock form when acquired.(3) Any nondepository subsidiary.(b) A pledge of stock that is not described in subsection (a) may not be made without the prior written approval of the director.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-3. Pledging Stock; Notification; Certification of Transfer of Proceeds

Sec. 3. Within ten (10) days after any pledge of stock, a mutual holding company shall:(1) notify the director in writing regarding the terms of the transaction, including the amount of principal and interest, the repayment terms, the maturity date, the nature and amount of collateral, and the terms governing seizure of the collateral; and(2) include in the notice a certification that the proceeds of the loan have been transferred to the subsidiary savings bank whose stock has been pledged under section 2(a) of this chapter.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-4. Notice of Nonpayment

Sec. 4. A mutual holding company that fails to make any payment on a loan secured by the pledge of stock by the date on which the payment is due shall, on the first day after the payment is due and not made, provide written notice of nonpayment to the director.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-5. Repurchase of Stock; Written Approval

Sec. 5. A subsidiary savings bank of a mutual holding company that has any stockholders other than the savings bank's mutual holding company may not repurchase any share of stock within three (3) years of the stock's date of issuance without the prior written approval of the director unless the repurchase:(1) is part of a general repurchase made on a pro rata basis under an offer approved in writing by the director and made to all stockholders of the savings bank, except that the savings bank's mutual holding company may be excluded from the repurchase with the department's approval; and(2) is accomplished in the open market by a stock benefit plan of the savings bank in an amount reasonable and appropriate to fund the plan.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-6. Acquisition of Additional Shares of Stock

Sec. 6. A mutual holding company may, at any time, and without prior approval of the department, acquire additional shares of the stock of a subsidiary savings bank.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-7. Permissive Transfer of Stock, Assets, or Liabilities

Sec. 7. With the written approval of the department, a mutual holding company may do the following:(1) Directly or indirectly transfer any interest in stock that it holds in any subsidiary savings bank.(2) Cause or permit the transfer of all or a substantial portion of the assets or liabilities of any subsidiary savings bank.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-5-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 5. Powers of a Mutual Holding Company|28-6.2-5-8. Waiver of Right to Receive Dividend; Authorization

Sec. 8. Unless authorized by the director, a mutual holding company may not waive its right to receive any dividend declared by a subsidiary.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-6-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 6. Reporting and Regulation of Mutual Holding Companies|28-6.2-6-1. Annual Reports

Sec. 1. Each mutual holding company shall furnish, in the manner and in the form prescribed by the director, an annual report for:(1) the fiscal year in which it becomes a mutual holding company; and(2) each fiscal year during which it remains a mutual holding company.Additional information and reports shall be furnished as the director may require.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-6-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 6. Reporting and Regulation of Mutual Holding Companies|28-6.2-6-2. Examination of Mutual Holding Company; Examination Reports

Sec. 2. The department may examine any mutual holding company and each of 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.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-6-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 6. Reporting and Regulation of Mutual Holding Companies|28-6.2-6-3. Applicability of Provisions of Ic 28-11 and Ic 28-13

Sec. 3. The provisions of IC 28-11 and IC 28-13 apply to a mutual holding company as if the mutual holding company were a mutual savings bank.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-7-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-1. Conversion to Stock Form

Sec. 1. A mutual holding company may convert from mutual to stock form in accordance with a plan of conversion approved by the department under procedures substantially the same as for the conversion of a mutual savings bank contained in IC 28-1-21.9.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-7-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-2. Liquidation of Mutual Holding Company; Filing Federal Bankruptcy Court Petition

Sec. 2. (a) The department may file a petition with the federal bankruptcy court requesting the liquidation of a mutual holding company under 12 U.S.C. 1467(a)(o)(9) and Title 11, United States Code, upon:(1) the default of the resulting savings bank, any acquiree savings bank, or any subsidiary savings bank of the mutual holding company that was in the mutual form when acquired;(2) the default of the mutual holding company; or(3) foreclosure on any pledge by the mutual holding company of subsidiary savings bank stock.(b) Except as provided in subsection (a), the net proceeds of any liquidation of a mutual holding company shall be transferred to the members of the mutual holding company under the articles of reorganization of the mutual holding company.(c) If:(1) the FDIC incurs a loss from a default of any savings bank subsidiary of a mutual holding company; and(2) that mutual holding company is liquidated under subsection (a);the FDIC shall succeed to the membership interests of the depositors of the savings bank, to the extent of the FDIC's loss.As added by P.L.122-1994, SEC.101.
IN Code § 28-6.2-7-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.2. Mutual Savings Bank Holding Companies|Chapter 7. Mutual Holding Company Conversion and Liquidation|28-6.2-7-3. Applicability of Ic 28-11-3

Sec. 3. IC 28-11-3 applies to a mutual holding company in the same manner it applies to a savings bank.As added by P.L.122-1994, SEC.101.