reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 17. Department Seizure of Business and Property of a Savings Bank › 28-6.1-17-2. Law Governing Procedure and Parties

Sec. 2. IC 28-1-3.1 governs the following:
(1) The authority and the procedures under which the department administers the liquidation of a savings bank under this chapter.
(2) The respective rights, powers, privileges, duties, and liabilities of the department, the savings bank, and all interested parties.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-1. Application of Chapter

Sec. 1. This chapter applies only to a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-2. Dissolutions; Determinations of Boards

Sec. 2. A savings bank may dissolve itself under this chapter if the board of the savings bank determines it is in the best interest of the depositors and other creditors of the savings bank to dissolve the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-3. Resolutions of Dissolution

Sec. 3. (a) To dissolve a savings bank, the board must adopt a resolution of dissolution at a regular meeting or a special meeting of the board called for that purpose.
(b) A resolution of dissolution must receive the affirmative vote of at least two-thirds (2/3) of the qualified and acting trustees. The resolution must state that the board of the savings bank considers it is in the best interests of the depositors and other creditors of the savings bank that the savings bank liquidate its affairs and dissolve.
(c) If a resolution is adopted under subsection (b), a statement shall be prepared and verified by the affidavit of the president and secretary of the savings bank setting forth the following:
(1) A copy of the following:
(A) The notice of the meeting of the board at which the resolution was adopted.
(B) The resolution.
(2) The number of the then qualified and acting trustees, including the name and address of each of the trustees.
(3) The number of trustees voting for and the number voting against the resolution.
(d) The statement must be filed with the department.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-4. Liquidation Orders; Employment of Necessary Personnel

Sec. 4. (a) If the department receives a statement under section 3 of this chapter, the department shall examine the business and affairs of the savings bank and may make additional investigation of the future prospects of the savings bank the department considers necessary.
(b) If the department finds from the examination that:
(1) the savings bank is solvent, or that the savings bank has sufficient assets with which to pay all of its depositors and all of its other liabilities; and
(2) it will be in the best interests of the depositors and other creditors of the savings bank that the savings bank's affairs be liquidated and that the savings bank be dissolved;
the department may enter a written order directing the liquidation and dissolution of the savings bank.
(c) As soon as practical after an order is issued under subsection (b), the department shall, by a separate order, appoint a special representative of the department to act during the course of the liquidation.
(d) During the course of the liquidation, the department may employ, fix the compensation of, remove, and discharge special representatives, assistants, accountants, agents, and attorneys as the department considers necessary.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-5. Civil Actions; Filing

Sec. 5. (a) Not later than five (5) days after entry of the order directing the liquidation of the savings bank, the department shall file a copy of the order with the circuit court clerk of the county in which the savings bank is located.
(b) Upon the filing of an order under subsection (a), the clerk shall:
(1) note the filing upon the records of the court; and
(2) enter the cause as a civil action upon the docket of the court under the name and style of "In the Matter of the Liquidation of _______________" (inserting the name of the savings bank).
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-6. Jurisdiction of Courts

Sec. 6. After the filing of the action under section 5 of this chapter, the court has jurisdiction to hear and determine all issues and matters relating to the liquidation of the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-7. Taking Charge of Business and Assets by Department; Notice of Departmental Actions

Sec. 7. The department shall do the following:
(1) Immediately take charge of the business and assets of the savings bank.
(2) Give notice of:
(A) the department's orders directing the liquidation and dissolution of the savings bank; and
(B) the appointment of the department's special representative;
by posting copies of the orders in a conspicuous place in the lobby of the savings bank and by one (1) publication of the notice in a newspaper of general circulation, printed in the English language and published in the county where the savings bank is located. The department shall also file a copy of its order appointing a special representative in the court in which the order was filed under section 5 of this chapter.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-8. Petitions Opposing Liquidation and Dissolution

Sec. 8. (a) A depositor or other creditor of the savings bank who is aggrieved by the proceedings to liquidate and dissolve the savings bank may oppose the liquidation and dissolution by a petition filed in the court in which the liquidation action was filed under section 5 of this chapter. The petition must state the petitioner's objections to the liquidation.
(b) A petition filed under subsection (a) must be filed within ten (10) days after the publication of the order under section 7 of this chapter.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-9. Dismissal of Liquidation and Dissolution Actions

Sec. 9. (a) If after hearing the matter, the court determines that it will not be in the best interest of the depositors and other creditors of the savings bank that the savings bank liquidate its affairs and dissolve, the court shall enter an order:
(1) directing the department to return the business and property of the savings bank to the board; and
(2) dismissing the action.
(b) If an order is issued under subsection (a):
(1) the savings bank shall continue to operate as though the proceedings had never begun; and
(2) all costs of the proceedings to the date of the entry of the order shall be paid by the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-10. Approval of Liquidation and Dissolution Proceedings

Sec. 10. If after hearing the matter, the court determines that it will be in the best interests of the depositors and other creditors of the savings bank to liquidate its affairs and dissolve, the liquidation may proceed.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-11. Finality of Judicial Decisions

Sec. 11. The decision of the court under section 9 or 10 of this chapter is final.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-12. Powers and Restrictions of Department

Sec. 12. (a) During the ten (10) day period after the publication required by section 7 of this chapter, the department may make orders regarding the deposits of the savings bank that the department considers in the best interests of all the depositors and creditors of the savings bank.
(b) Except as provided in this chapter, the department, insofar as is applicable and practical, has the same powers and is subject to the same restrictions as if the savings bank were insolvent.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-13. Completion of Liquidation

Sec. 13. (a) When the costs and expenses of the liquidation have been fully paid and all the remaining debts and liabilities of the savings bank, including deposits and accrued interest or dividends, if any, have been paid in full, the remaining assets, if any, shall be paid to or distributed among the persons the court finds to be the owners of the assets.
(b) After the events described in subsection (a) have occurred, the liquidation is considered completed.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-14. Statements of Dissolution

Sec. 14. (a) Upon completion of the liquidation, the department shall prepare and file a statement of dissolution in the office of the recorder of the county in which the savings bank was located.
(b) The statement of dissolution shall contain the following:
(1) The name of the savings bank.
(2) The location of the savings bank.
(3) The date of the meeting of the board adopting the resolution of dissolution.
(4) A copy of the notice of the meeting of the board.
(5) A copy of the minutes of the meeting of the board containing the full text of the resolution of dissolution.
(6) The manner of the adoption of the resolution of dissolution and the vote by which the resolution was adopted.
(7) A copy of the notices published under this chapter.
(8) The names and addresses of the trustees and officers of the savings bank at the time of the adoption of the resolution.
(9) A copy of the order of the department directing the liquidation and dissolution of the savings bank.
(10) A brief summary setting forth, as of the date of the taking possession of the savings bank by the department of the following:
(A) The aggregate amount of general claims finally allowed against the savings bank.
(B) The aggregate amount of claims allowed as preferred, and the aggregate amount of all other claims against the savings bank.
(C) A statement of the aggregate payments made on each of the groups of claims and a reference to the following:
(i) The court records where the orders authorizing the payments are recorded.
(ii) The current reports where a report of the payments ordered is made.
(11) A brief summary setting forth the following:
(A) The disposition of the surplus assets (if any) remaining after payment of all costs and expenses of administration and liquidation.
(B) The payment of all liabilities, including deposits and accrued dividends or interest (if any).
(12) A copy of the final order of the court in the matter of the liquidation of the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 18. Liquidation and Dissolution of a Savings Bank Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-18-15. Termination of Savings Bank's Existence

Sec. 15. When the statement required by section 14 of this chapter is recorded, the savings bank ceases to exist.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-1. Application of Chapter

Sec. 1. This chapter applies only to a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before July 1, 1993.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-2. Disposition

Sec. 2. As used in this chapter, "disposition" includes a sale, a lease, an exchange, or other disposition.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-3. Disposition of Property and Assets

Sec. 3. A savings bank may, at any time if otherwise lawful, dispose of all or substantially all of its property and assets, including good will, upon terms and conditions and for consideration the savings bank considers beneficial.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-4. Resolutions of Disposition

Sec. 4. (a) A disposition under this chapter must be approved by the board of the savings bank by the adoption of a resolution by the affirmative vote of at least two-thirds (2/3) of the then qualified and acting trustees.
(b) The resolution may be adopted at a regular meeting or a special meeting of the board called for that purpose.
(c) The resolution must contain the following:
(1) A description of the property to be disposed of.
(2) The terms and conditions of and the consideration for the proposed disposition.
(3) A statement to the effect that in the opinion of the board, the disposition will be in the best interests of the depositors and other creditors of the savings bank.
(d) Three (3) copies of the resolution, certified by the president and the secretary of the savings bank, must be filed with the department.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-5. Departmental Approval

Sec. 5. (a) Upon receiving a notice under section 4 of this chapter, the department shall conduct investigations it considers necessary.
(b) If the department is satisfied that the proposed disposition is fair and will be in the best interests of the depositors and other creditors of the savings bank, the department shall:
(1) indicate its approval on all copies of the resolution; and
(2) return two (2) of the copies to the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-6. Judicial Approval

Sec. 6. (a) If the department approves the disposition under section 5 of this chapter, the two (2) copies of the resolution returned to the savings bank shall be submitted to the circuit court with jurisdiction in the county in which the savings bank is located.
(b) If, upon good cause shown by affidavit, the court is satisfied that the terms of the disposition are fair and in the best interests of the depositors and other creditors of the savings bank, the court shall:
(1) approve the disposition upon the terms and conditions set forth in the resolution; and
(2) indicate the approval on both copies of the resolution submitted to the court.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-7. Copies of Dissolution Resolutions

Sec. 7. If the court approves the disposition under section 6 of this chapter, one (1) copy of the resolution shall be filed in the office of the circuit court clerk and the other copy shall be retained by the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-8. Court Approval Prerequisite to Dissolution

Sec. 8. The disposition may not take place until the court approves it.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-9. Notice of Dispositions

Sec. 9. If the court approves the disposition, the savings bank shall give notice of the disposition not more than five (5) days after the approval as follows:
(1) By publishing notice of the disposition one (1) time in a newspaper of general circulation printed in the English language and published in the county in which the savings bank is located.
(2) By posting copies of the notice in three (3) separate public places in the county.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-10. Statements of Objections

Sec. 10. (a) A person interested in the disposition (including a depositor or a creditor of the savings bank) aggrieved by the proposed disposition may file in the court a verified statement of objections to the proposed disposition.
(b) The statement must be filed not more than fifteen (15) days after the approval of the resolution by the court.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-11. Hearings on Objections

Sec. 11. (a) If a statement is filed under section 10 of this chapter, the matter shall be docketed upon the books of the court, entitled "In the Matter of the Proposed Sale of Assets of _____________" (inserting the name of the savings bank).
(b) The savings bank is considered to have denied all the allegations in the statement without filing any pleadings.
(c) After notice of the objections to the savings bank as required by the court, the court shall hear the evidence and determine the matter as soon as possible.
(d) The burden of proof is on the objector.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-12. Orders Directing Dispositions

Sec. 12. If the court finds that the disposition, as proposed in the resolution, is fair and will be in the best interests of the depositors and other creditors of the savings bank, the court shall enter an order directing the disposition, as set forth in the resolution, be carried out and assessing the costs of the proceeding against the objector.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-13. Orders Enjoining Dispositions

Sec. 13. If the court finds that the disposition proposed by the resolution is not fair or will not be in the best interests of the depositors or other creditors of the savings bank, the court shall enter an order enjoining the proposed disposition and assessing the costs of the proceeding against the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 19. Disposition of Substantially All the Assets of a Savings Bank Organized Before July 1, 1993 › 28-6.1-19-14. Finality of Judicial Decisions

Sec. 14. A decision of the court under section 12 or 13 of this chapter is final.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 20. Applicability of the Federal Reserve Act › 28-6.1-20-1. Applicability

Sec. 1. For purposes of this article, a savings bank that is not a member of the Federal Reserve System is subject to Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) to the same extent and in the same manner as if the savings bank were a member of the Federal Reserve System.
As added by P.L.258-2003, SEC.9.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 20. Applicability of the Federal Reserve Act › 28-6.1-20-2. Violations

Sec. 2. A violation of Section 23A or 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) by a savings bank or a subsidiary constitutes a violation of this chapter.
As added by P.L.258-2003, SEC.9.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-2. "Acquiree Savings Bank" Defined

Sec. 2. "Acquiree savings bank" means any savings bank other than a resulting savings bank that:
(1) is acquired by a mutual holding company as part of, and concurrently with, a mutual holding company reorganization; and
(2) is in the mutual form immediately before the acquisition.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-3. "Acting in Concert" Defined

Sec. 3. (a) "Acting in concert" means:
(1) knowing participation in a joint activity or interdependent conscious parallel action towards a common goal, whether or not under an express agreement; or
(2) a combination of pooling of voting or other interests in the securities of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement, or other arrangement, whether written or otherwise.
(b) A person or company that acts in concert with another person or company is acting in concert with any person or company who is also acting in concert with that other party, except that:
(1) an employee stock benefit plan is not acting in concert with its trustee or a person who serves in a similar capacity solely for the purpose of determining whether stock held by the trustee and stock held by the plan will be aggregated; and
(2) no officer or director of a savings bank or savings bank affiliate is acting in concert with any other officer or director of the savings bank or affiliate by reason of the service of the officer or director in those capacities.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-4. "Affiliate" Defined

Sec. 4. "Affiliate" means a person that, directly or indirectly, through one (1) or more intermediaries:
(1) controls;
(2) is controlled by; or
(3) is under common control with;
another person.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-5. "Associate" Defined

Sec. 5. "Associate", when indicating a relationship between persons, means:
(1) any corporation or organization, other than the applicant or a majority-owned subsidiary of the applicant, of which the person:
(A) is an officer or a partner; or
(B) is directly or indirectly the beneficial owner of ten percent (10%) or more of any class of equity securities;
(2) any trust or other estate:
(A) in which the person has a substantial beneficial interest; or
(B) for which the person serves as trustee or in a similar fiduciary capacity;
however, the term does not apply to any employee stock benefit plan in which the person has a substantial beneficial interest or serves as a trustee or in a similar fiduciary capacity; and
(3) any relative or spouse of the natural person, or any relative of the spouse, who:
(A) has the same home as the person; or
(B) is a director or an officer of the applicant or of any of the applicant's parent organizations or subsidiaries.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-6. "Company" Defined

Sec. 6. (a) "Company" means:
(1) any corporation, partnership, business trust, joint venture, association, or similar organization; or
(2) any other trust, unless by its terms it must terminate:
(A) within twenty-five (25) years; or
(B) not later than twenty-one (21) years and ten (10) months after the death of any individual living on the effective date of the trust.
(b) As used in subsection (a)(1), "similar organization" means a combination of parties with the potential for or practical likelihood of a continuing rather than temporary existence, in which the parties have knowingly and voluntarily associated for a common purpose in identifiable and binding relationships that govern the parties with respect to either:
(1) the transferability and voting rights concerning any stock or other indicia of participation in another entity; or
(2) the achievement of a common or shared objective, such as to collectively manage or control another entity.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-7. "Control" Defined

Sec. 7. (a) "Control" of a savings bank means:
(1) controlling, owning, or having the power to vote, directly or indirectly, or acting through one (1) or more persons, twenty-five percent (25%) or more of any class of voting securities of the savings bank; or
(2) in any manner controlling the election of a majority of the directors of the savings bank.
(b) "Control" of a savings bank also exists if the department determines, after notice and opportunity for hearing, that a person directly or indirectly exercises a controlling influence over the management or policies of the savings bank.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-8. "Default" Defined

Sec. 8. As used in this chapter, "default" means any adjudication or other official determination of a court or other public authority under which a conservator, receiver, or other legal custodian is appointed for a mutual holding company or savings bank subsidiary of a mutual holding company.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-10.1. "Federal Mutual Holding Company" Defined

Sec. 10.1. "Federal mutual holding company" means a mutual savings bank holding company that:
(1) is organized or reorganized under the laws of the United States;
(2) is regulated by the Office of Thrift Supervision or its successor; and
(3) has control over a savings bank.
As added by P.L.90-2008, SEC.38.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-11. "Member" Defined

Sec. 11. As used in this chapter, "member" means any depositor or borrower of a savings bank subsidiary of a mutual holding company that is entitled, under a statute or the articles of incorporation or bylaws of the mutual holding company, to vote on matters affecting the mutual holding company.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-12. "Mutual Holding Company"

Sec. 12. As used in this chapter, "mutual holding company" means a mutual savings bank holding company that:
(1) is:
(A) organized under IC 28-6.2-2 or converted under IC 28-6.2-7-6; or
(B) organized under the laws of any other state or the United States; and
(2) has control over:
(A) any savings bank; or
(B) any company that is or becomes a mutual holding company under this article.
As added by P.L.122-1994, SEC.101. Amended by P.L.27-2012, SEC.90.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-13. "Mutual Savings Bank" Defined

Sec. 13. "Mutual savings bank" means a financial institution:
(1) defined in IC 28-6.1-2-5; or
(2) organized, reorganized, or operating before January 1, 1993, under IC 28-6 (before its repeal).
As added by P.L.122-1994, SEC.101. Amended by P.L.11-1998, SEC.12.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-14. "Parent" Defined

Sec. 14. "Parent", when describing the relationship between two (2) companies, means the company that controls the other company, either directly or indirectly, through one (1) or more subsidiaries.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-17. "Reorganizing Savings Bank" Defined

Sec. 17. "Reorganizing savings bank" means a mutual savings bank that proposes to reorganize into a mutual holding company under this chapter.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-18. "Resulting Savings Bank" Defined

Sec. 18. "Resulting savings bank" means a stock savings bank that is organized as a subsidiary of a reorganizing savings bank to receive a substantial part of the assets and liabilities, including all deposit accounts, of the reorganizing savings bank upon consummation of the reorganization.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-19. "Savings Association" Defined

Sec. 19. (a) As used in this chapter, "savings association" means a savings association (as defined in 12 U.S.C. 1813(3)(b)(1)) the deposits of which are insured by the FDIC.
(b) The term includes:
(1) a federal savings association;
(2) a federal savings bank; and
(3) a savings association organized and operating under the laws of the state in which it is organized.
As added by P.L.122-1994, SEC.101. Amended by P.L.79-1998, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-20. "Stock" Defined

Sec. 20. (a) "Stock" means the units into which the proprietary interests of a savings bank are divided.
(b) The term includes:
(1) common or preferred stock;
(2) any other type of equity security;
(3) warrants or options to acquire common or preferred stock; and
(4) other securities that are convertible into common or preferred stock.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-21. "Stock Benefit Plan" Defined

Sec. 21. "Stock benefit plan" means any defined benefit plan or defined contribution plan. The term includes:
(1) an employee stock ownership plan;
(2) a stock bonus plan;
(3) a profit-sharing plan; or
(4) any other plan of a mutual holding company or any of its subsidiaries or affiliates;
whether or not the plan, with its related trust, meets the qualifying requirements under section 401 of the Internal Revenue Code.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-22. "Stock Issuance Plan" Defined

Sec. 22. "Stock issuance plan" means a plan submitted under IC 28-6.2-3 providing for the issuance of stock by a savings bank subsidiary of a mutual holding company.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-23. "Stock Savings Bank" Defined

Sec. 23. "Stock savings bank" has the meaning set forth in IC 28-6.1-2-7.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 1. Definitions › 28-6.2-1-25. "Voting Parties" Defined

Sec. 25. As used in this chapter, "voting parties" means the:
(1) depositors; and
(2) borrowers;
of a mutual savings bank.
As added by P.L.11-1998, SEC.13.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-1. Procedures for Reorganization

Sec. 1. A mutual savings bank may, upon application to and approval by the department, reorganize as a mutual holding company by:
(1) organizing one (1) or more subsidiary stock savings banks, the ownership of which shall be evidenced by shares of stock to be owned by the reorganizing parent savings bank and transferring a substantial portion of its assets and all of the insured deposits and part or all of its other liabilities to one (1) or more subsidiary savings banks; or
(2) organizing a first tier subsidiary stock savings bank and causing that subsidiary to organize a second tier subsidiary stock savings bank and transferring, by merger of the reorganizing savings bank with the second tier subsidiary, a substantial portion of its assets, all of its insured deposits and part or all of its other liabilities to the resulting savings bank at which time the first tier subsidiary stock savings bank becomes a mutual holding company.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-1.5. Reorganization as Federal Mutual Holding Company; Approval of Department and Primary Federal Regulator; Required Transactions

Sec. 1.5. (a) As used in this section, "primary federal regulator" means the federal agency primarily responsible for the regulation of mutual holding companies (as defined in IC 28-6.2-1-12).
(b) A mutual savings bank may, upon application to and with the approval by the department and the primary federal regulator, reorganize as a federal mutual holding company by undertaking a transaction or series of transactions substantially similar to those set forth in section 1 of this chapter.
As added by P.L.90-2008, SEC.39. Amended by P.L.27-2012, SEC.91.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-2. Prerequisites to Reorganization

Sec. 2. Before reorganizing into a mutual holding company, a reorganizing savings bank shall do the following:
(1) Obtain approval of a reorganization plan by a majority of the board of directors of the reorganizing savings bank.
(2) File the reorganization plan with the department.
(3) Obtain approval of a reorganization plan by an affirmative vote of a majority of the voting members of the reorganizing savings bank and any acquiree savings bank, at a regular or special meeting of the members.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-2.5. Voting Rights of Voting Parties

Sec. 2.5. The voting parties of a reorganizing mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a reorganization of a mutual savings bank under this chapter.
As added by P.L.11-1998, SEC.14.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-3. Approval or Disapproval of Reorganization Plan; Conditional Approval

Sec. 3. (a) Upon receipt of an application for a mutual holding company reorganization under this article, the department may:
(1) accept the application for processing;
(2) request additional information to complete the application; or
(3) return the application if it is substantially incomplete.
(b) A proposed reorganization plan must be approved or disapproved by the department within ninety (90) days of its acceptance by the department and, if approved, may be subject to any conditions the department determines necessary.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-4. Grounds for Disapproving Reorganization Plan Application

Sec. 4. The department may disapprove an application for a mutual holding company reorganization plan if any of the following applies:
(1) The reorganization would result in unsafe or unsound practices, or an unsafe or unsound financial institution.
(2) The applicant has not demonstrated that the reorganization plan is fair to the members of the reorganizing savings bank.
(3) The reorganization plan does not protect the interests of the deposit account holders of the reorganizing savings bank.
(4) The financial or managerial resources of the reorganizing savings bank or any acquiree savings bank warrant disapproval.
(5) The mutual holding company or any savings bank subsidiary would have inadequate capital.
(6) A stock issuance proposed in connection with the mutual holding company reorganization plan fails to meet the standards established by the department.
(7) The reorganizing savings bank or any acquiree savings bank fails to furnish:
(A) information required in the reorganization plan; or
(B) any other information requested by the director regarding the proposed reorganization plan.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-5. Requirements for Approval of Reorganization Plan Application

Sec. 5. (a) The department may not approve an application for a mutual holding company reorganization unless the department finds, after an appropriate investigation or examination, that the following requirements have been satisfied:
(1) That the reorganizing savings bank and any acquiree savings bank will operate in a safe, sound, and prudent manner.
(2) That the proposed reorganization will not result in a reorganizing savings bank or any acquiree savings bank that has inadequate capital, unsatisfactory management, or poor earnings prospects.
(3) That the management or other principals of the mutual holding company are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual holding company that would result from the execution of the reorganization plan.
(4) That the interests of the depositors and creditors and of the public in general will not be jeopardized by the proposed reorganization of the savings bank into a mutual holding company.
(b) The department may conduct a public hearing to determine if the requirements of this section have been satisfied.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-6. Articles of Reorganization; Filing

Sec. 6. After a mutual holding company reorganization plan is approved by the department, the person applying for a mutual holding company reorganization must file articles of reorganization under IC 28-6.2-4, to effect the reorganization.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-7. Membership Rights

Sec. 7. A mutual holding company that acquires a stock savings bank other than a resulting savings bank or an acquiree savings bank shall not confer any membership rights upon the depositors or borrowers of that savings bank, unless the savings bank is merged into a mutual savings bank from which the mutual holding company draws members, in which case the depositors of the stock savings bank shall receive the same membership rights as other depositors of the savings bank into which the stock savings bank is merged.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-8. Reorganization Plan Requirements

Sec. 8. Each reorganization plan must:
(1) contain a description of all significant terms of the proposed reorganization;
(2) include as an attachment and incorporate the following:
(A) Any proposed stock issuance plan.
(B) An opinion of counsel or a ruling from the federal Internal Revenue Service and the department of state revenue as to the federal and state tax treatment of the proposed reorganization.
(C) A copy of the proposed articles of reorganization and bylaws of the resulting savings bank.
(D) A description of the method of reorganization under this chapter.
(E) A statement that, upon consummation of the reorganization, certain assets and liabilities, including all deposit accounts of the reorganizing savings bank, shall be transferred to the resulting savings bank, which shall immediately become a savings bank subsidiary of the mutual holding company.
(F) A copy of any stock issuance plan that is proposed as part of the reorganization plan.
(G) A summary of the expenses to be incurred in connection with the reorganization.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 2. Reorganizing as a Mutual Savings Bank Holding Company › 28-6.2-2-9. Transfer of Assets, Rights, Obligations, and Liabilities

Sec. 9. All assets, rights, obligations, and liabilities of a reorganizing savings bank that are not expressly retained by the mutual holding company shall be transferred to the resulting savings bank.
As added by P.L.122-1994, SEC.101.
2023 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.
2023 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.
2023 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.