reglab/housing_qa huggingface dataset:
IN Code § 28-1-7-25 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7. Merger and Consolidation of Banks, Trust Companies, and Building and Loan Associations|28-1-7-25. Savings Banks; Request for Order to Merge, Consolidate, or Join With Acquiring Bank or Trust Company; Requirements

Sec. 25. (a) A savings bank organized before January 1, 1993, may request that the department order the savings bank to merge, consolidate, or join with an acquiring institution that is a bank, bank of discount and deposit, savings bank formed after December 31, 1992, savings association, or trust company.(b) A savings bank may make a request under subsection (a) only if its board of trustees has, at a regular or special meeting called for that purpose, by a vote of at least two-thirds (2/3) of the then qualified and acting trustees, adopted a resolution stating that in the opinion of the board, the merger, consolidation, or other joining together is in the best interests of the depositors and other creditors of the savings bank.(c) The department may order a merger, consolidation, or other joining requested under subsection (a) if it determines that:(1) the depositors of the savings bank would not receive any liquidating dividend upon the dissolution of the savings bank; and(2) the acquiring institution is willing to be the surviving corporation.(d) The approval of the depositors of a savings bank organized before January 1, 1993, is not required for a merger, consolidation, or joining together under this section.(e) To facilitate a merger, consolidation, or joining together under this section, the department may convert the charter, form of ownership, or operating powers of a savings bank into the charter, form of ownership, or operating powers of the acquiring institution.As added by P.L.263-1983, SEC.2. Amended by P.L.122-1994, SEC.59; P.L.79-1998, SEC.39.
IN Code § 28-1-7.1-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-1. "Depository Financial Institution"

Sec. 1. As used in this chapter, "depository financial institution" has the meaning set forth in IC 28-1-1-6, but does not include a credit union.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-2. "Standard Conversion"

Sec. 2. As used in this chapter, "standard conversion" refers to a transaction permitted under any of the following:(1) IC 28-1-21.4.(2) IC 28-1-21.6.(3) IC 28-1-21.8.(4) IC 28-1-21.9.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-3. Depository Financial Institution With Mutual Ownership; Authority to Engage in Voluntary Supervisory Conversion

Sec. 3. A depository financial institution with mutual ownership may engage in a voluntary supervisory conversion only as set forth in this chapter.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-4. Voluntary Supervisory Conversion; Types of Transactions

Sec. 4. A voluntary supervisory conversion of a depository financial institution may include one (1) or more of the following transactions:(1) A merger of the depository financial institution into an interim depository financial institution with stock ownership.(2) Following a conversion of the depository financial institution, a sale of shares of the converted depository financial institution directly to an acquirer, which may be a person, company, depository institution, or depository institution holding company.(3) A merger or consolidation with an existing or newly created depository financial institution. Except as provided in this chapter, a merger or consolidation under this subdivision must be authorized by, and is subject to, any other applicable laws and regulations.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-5. Voluntary Supervisory Conversion; Eligibility; Conditions

Sec. 5. A depository financial institution with mutual ownership is eligible for a voluntary supervisory conversion under this chapter if, in the judgment of the director, the voluntary supervisory conversion satisfies at least one (1) of the following conditions:(1) Both of the following apply:(A) The depository financial institution is significantly undercapitalized, or is undercapitalized and a standard conversion to stock form is not feasible.(B) After the voluntary supervisory conversion, the converted depository financial institution will likely be a viable entity, or the one (1) or more entities resulting from the voluntary supervisory conversion will likely be viable entities.(2) Severe financial conditions threaten the stability of the depository financial institution and a voluntary supervisory conversion to stock form is likely to:(A) improve the financial condition of the depository financial institution; or(B) result in one (1) or more entities with an improved financial condition.(3) The depository financial institution is in receivership or conservatorship, or in imminent danger of receivership or conservatorship, and the voluntary supervisory conversion will enable the depository financial institution to:(A) terminate the receivership or conservatorship; or(B) avoid the institution of a receivership or conservatorship.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-6. Director's Determination of Resulting Entity's Viability; Conditions; Authority of Director to Act; Applicability of Law Governing Mergers and Consolidations; Waiver of Law

Sec. 6. (a) The director may determine under section 5(1)(B) of this chapter, based upon information then available to the director, that a voluntary supervisory conversion will likely result in a depository financial institution becoming a viable entity with stock ownership if all the following are satisfied:(1) The depository financial institution resulting from the conversion will be adequately capitalized.(2) The depository financial institution resulting from the conversion, and any person acquiring capital stock in the depository financial institution resulting from the conversion, will comply with all applicable supervisory policies.(3) The depository financial institution involved in, or the one (1) or more entities resulting from, the conversion will be insured by the Federal Deposit Insurance Corporation.(4) The voluntary supervisory conversion is in the best interest of:(A) the depository financial institution involved in, or the one (1) or more entities resulting from, the conversion; and(B) the public.(5) The voluntary supervisory conversion will not injure or be detrimental to:(A) the depository financial institutions involved in, or the one (1) or more entities resulting from, the conversion; or(B) the public interest.(b) The director may act on a voluntary supervisory merger, consolidation, sale, or other disposition on behalf of the department.(c) Except as otherwise provided in this chapter, a provision of IC 28-1-7 concerning mergers or consolidations applies to a voluntary supervisory conversion under this chapter unless the director determines that the provision should be waived or considered inapplicable with respect to a particular voluntary supervisory conversion. The director may make a determination described in this subsection if the director finds, in the director's discretion, that the determination will:(1) facilitate the consummation of the voluntary supervisory conversion; and(2) in the director's judgment and considering the available information under the prevailing circumstances, result in one (1) or more entities that are more favorable to the public than if:(A) the provision were not waived or considered inapplicable; or(B) the voluntary supervisory conversion were not approved.As added by P.L.89-2011, SEC.33. Amended by P.L.6-2012, SEC.192.
IN Code § 28-1-7.1-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-7. Depositors; No Right to Participate in or Approve Conversion; No Ownership Interests in Converted Institution; Liquidation Account

Sec. 7. Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, unless the department allows otherwise. Depositors may have interests in a liquidation account, if one is established.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-8. Plan of Conversion; Adoption by Board; Contents

Sec. 8. A majority of the board of directors of a depository financial institution with mutual ownership must adopt a plan of voluntary supervisory conversion. The plan adopted must include the following:(1) The name and address of the depository financial institution.(2) The name and address of each proposed purchaser of conversion shares and a description of that purchaser's relationship to the depository financial institution.(3) The title, per unit par value, number, and per unit and aggregate offering price of shares that the converted depository financial institution will issue.(4) The number and percentage of shares that each investor will purchase or acquire in a merger or other combination.(5) The aggregate number and percentage of shares that each director or officer of the converted depository financial institution, and any affiliates (as defined in IC 28-1-18.2-1) or associates (as defined in 12 CFR 563b.25) of the director or officer, will purchase.(6) A description of any liquidation account to be established in connection with the voluntary supervisory conversion.(7) Certified copies of all resolutions of the board of directors of the depository financial institution relating to the conversion.As added by P.L.89-2011, SEC.33. Amended by P.L.27-2012, SEC.41.
IN Code § 28-1-7.1-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-10. Denial of Application; Findings by Director

Sec. 10. The director may not approve an application to engage in a voluntary supervisory conversion if the director makes any of the following findings:(1) That the depository financial institution does not meet the eligibility requirements for a voluntary supervisory conversion under this chapter, or that the proceeds from the sale of the conversion stock, less the expenses of the conversion, would be insufficient to satisfy any applicable viability requirement.(2) That the transaction is detrimental to or would cause potential injury to the depository financial institution or is contrary to the public interest.(3) That the depository financial institution or its acquirer, or the controlling parties or directors and officers of the depository financial institution or its acquirer, have engaged in unsafe or unsound practices in connection with the voluntary supervisory conversion.(4) That the depository financial institution fails to justify an employment contract incidental to the conversion, or that the employment contract will be an unsafe or unsound practice or represent a sale of control.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.1-11 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.1. Voluntary Supervisory Conversion|28-1-7.1-11. Approval of Application; Conditions

Sec. 11. (a) The director shall condition approval of a voluntary supervisory conversion application on the applicant satisfying all of the following:(1) The depository financial institution must complete the conversion stock sale, if any, not later than three (3) months after the director approves the application. The director may grant an extension for good cause.(2) The depository financial institution and its acquirer must comply with all applicable laws, rules, and regulations.(3) The depository financial institution and its acquirer must satisfy any other requirements or conditions imposed by the director.(4) The depository financial institution involved in, or the one (1) or more entities resulting from, the voluntary supervisory conversion must obtain insurance coverage of their deposits by the Federal Deposit Insurance Corporation.(b) The director may condition approval of a voluntary supervisory conversion application on either of the following:(1) The applicant must satisfy any conditions and restrictions the director imposes to prevent unsafe or unsound practices, to protect the public interest, or to prevent potential injury or detriment to the depository financial institution before and after the conversion. The director may impose these conditions and restrictions on the depository financial institution (before and after the conversion), its acquirer, controlling parties, or directors and officers of the depository financial institution or its acquirer.(2) A larger amount of capital, if necessary, for safety and soundness reasons must be infused following the voluntary supervisory conversion.As added by P.L.89-2011, SEC.33.
IN Code § 28-1-7.5-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.5. Formation of Certain Bank Holding Companies|28-1-7.5-1. "Holding Company" Defined

Sec. 1. (a) As used in this chapter, "holding company" refers to a corporation that:(1) is attempting to acquire all the outstanding shares of a bank, trust company, corporate fiduciary, or stock savings bank under this chapter; or(2) has completed such an acquisition;depending upon the context in which the term is used.(b) As used in this chapter, "stock savings bank" has the meaning set forth in IC 28-6.1-2-7.As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.60; P.L.262-1995, SEC.13.
IN Code § 28-1-7.5-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.5. Formation of Certain Bank Holding Companies|28-1-7.5-2. Acquisition of Bank, Trust Company, Corporate Fiduciary, or Stock Savings Bank by Holding Company Under Plan of Exchange

Sec. 2. All the outstanding shares of common stock of any bank, trust company, corporate fiduciary, or stock savings bank may be acquired by any corporation organized under IC 23-1 if the acquisition is made under a plan of exchange approved in the manner provided in this chapter. Such a plan of exchange must provide for:(1) the exchange of all the outstanding shares of common stock of the bank, trust company, corporate fiduciary, or stock savings bank for shares of common stock to be issued by the holding company at the rate of one (1) share of holding company stock for each share of bank, trust company, corporate fiduciary, or stock savings bank stock; and(2) the redemption by the holding company, under unconditional rights granted by its articles of incorporation or bylaws or by agreement between the holding company and its shareholders, of all of the shares of common stock of the holding company that may be outstanding immediately before the exchange.As added by P.L.238-1983, SEC.10. Amended by P.L.149-1986, SEC.62; P.L.122-1994, SEC.61; P.L.262-1995, SEC.14.
IN Code § 28-1-7.5-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.5. Formation of Certain Bank Holding Companies|28-1-7.5-3. Resolutions Approving Plan of Exchange; Contents; Direction for Submission to Vote of Shareholders

Sec. 3. (a) A bank, trust company, corporate fiduciary, or stock savings bank and a holding company that desire to effect an exchange of securities must, by resolutions adopted by the board of directors of each corporation, approve a plan of exchange which sets forth:(1) the names of the holding company and the bank, trust company, corporate fiduciary, or stock savings bank;(2) the terms and conditions of the exchange;(3) the mode of carrying the exchange into effect;(4) the manner of redemption of all shares of common stock of the holding company that may be outstanding immediately before the exchange;(5) a restatement of such provisions of the articles of incorporation of the holding company as may be considered necessary or desirable to give effect to the exchange; and(6) such other provisions with respect to the exchange as may be considered necessary or desirable.(b) The resolution of the board of directors of the bank, trust company, corporate fiduciary, or stock savings bank and, if the plan of exchange provides for the amendment of the articles of incorporation of the holding company, the resolution of the board of directors of the holding company, must be submitted to a vote of the shareholders of the corporation, at a meeting of the shareholders. The meeting may be an annual or a special meeting of the shareholders. If the meeting of any corporation at which the plan is to be submitted is an annual meeting, notice of the submission of the plan must be included in the notice of the annual meeting. If the meeting is a special meeting, the meeting must be called by the resolution designating the meeting, and notice of the meeting must be given as provided by law. A copy of the proposed plan of exchange must be included with the notice of the annual or special meeting of shareholders given to each shareholder.As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.62; P.L.262-1995, SEC.15.
IN Code § 28-1-7.5-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.5. Formation of Certain Bank Holding Companies|28-1-7.5-5. Public Hearing; Requisites; Procedures

Sec. 5. (a) At the time of the filing of a plan of exchange with the department, the bank, trust company, corporate fiduciary, or stock savings bank may submit a written request asking the department to hold a hearing on the matter. If such a request is submitted, the department shall hold a public hearing upon the fairness of the terms, conditions, and provisions of the plan of exchange and the proposed issuance and exchange of stock of the holding company for the stock of the bank, trust company, corporate fiduciary, or stock savings bank. In addition, the department may on its own motion hold such a public hearing. The shareholders of the bank, the trust company, the corporate fiduciary, and the holding company and any other interested party may appear and become a party to the proceeding at any public hearing at which the fairness of the exchange is to be determined. The department shall require the bank, trust company, corporate fiduciary, or stock savings bank and the holding company to produce such evidence as the director considers necessary to the hearing.(b) The department shall commence any public hearing held under this section not less than thirty (30) days and not more than one hundred twenty (120) days after the date on which the plan of exchange is filed with the department. The hearing shall be held at such place, date, and time as the department shall specify. The hearing may be held by any member or members of the department, by the director of the department, by a deputy director of the department, by the supervisor of the department's division of banks and trust companies, or by any employee of the department designated by the members of the department. At least ten (10) days before the hearing, the applicant shall publish notice of the hearing in a newspaper of general circulation in the county or counties where the principal offices of the bank, trust company, corporate fiduciary, or stock savings bank and the holding company are located and in the county where the hearing will be held. Written notice of the hearing shall be mailed at least ten (10) days before the hearing by the bank, trust company, corporate fiduciary, or stock savings bank and by the holding company to all of their respective shareholders. All expenses of publication, court reporter fees, department expenses, and hearing room fees shall be paid by:(1) the bank, trust company, corporate fiduciary, or stock savings bank;(2) the holding company; or(3) both;as specified in the plan of exchange.(c) Except as otherwise provided in this section, the hearing and the determination made by the department are subject to IC 4-21.5-3.As added by P.L.238-1983, SEC.10. Amended by P.L.7-1987, SEC.158; P.L.14-1992, SEC.74; P.L.122-1994, SEC.64; P.L.262-1995, SEC.17.
IN Code § 28-1-7.5-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 1. Department of Financial Institutions|Chapter 7.5. Formation of Certain Bank Holding Companies|28-1-7.5-6. Approval or Disapproval of Plan of Exchange by Department; Order; Findings of Fact; Judicial Review

Sec. 6. (a) The department shall issue an order approving the plan of exchange as delivered to it by the bank, trust company, corporate fiduciary, or stock savings bank and the holding company, including any modifications to the plan as the board of directors of each corporation may approve, unless it finds that:(1) the plan, including any modifications, would adversely affect the financial stability or management of the bank, trust company, corporate fiduciary, or stock savings bank or the general capacity or intention to continue the safe and sound conduct of the bank, trust company, corporate fiduciary, or stock savings bank;(2) the terms and conditions of the plan of exchange are unfair and unreasonable to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank; or(3) the plans or proposals that the holding company has to liquidate the bank, trust company, corporate fiduciary, or stock savings bank, sell its assets or consolidate or merge it with any person, or to make any other material change in its investment policy, business, corporate structure, or management, are unfair and unreasonable to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank and not in the public interest.(b) If a hearing is held on the plan of exchange, the department shall issue its order approving or disapproving the plan within ninety (90) days of the date of hearing. The department shall include its findings of fact in the order. If the department approves the plan, the findings of fact must include a finding that the terms and conditions of the plan and of the issuance and exchange of holding company stock for stock of the bank, trust company, corporate fiduciary, or stock savings bank are fair and reasonable to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank. Any party to the proceedings aggrieved by the order is entitled to a judicial review in accordance with IC 4-21.5-5.(c) If no hearing is held on the plan of exchange, the department shall issue an order approving or disapproving the plan, within ninety (90) days after the date on which the plan of exchange is filed with the department. The department may issue the order without including its findings of facts.As added by P.L.238-1983, SEC.10. Amended by P.L.7-1987, SEC.159; P.L.122-1994, SEC.65; P.L.262-1995, SEC.18.