reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 7. Mutual Holding Company Conversion and Liquidation › 28-6.2-7-4. Solicitations of Proxies

Sec. 4. Solicitations of proxies by any person in connection with any membership vote required under this chapter must be accompanied by proxy materials in a form appropriate to, and containing the information relevant to, the action that members are being asked to approve.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 7. Mutual Holding Company Conversion and Liquidation › 28-6.2-7-5. Use of Proxies

Sec. 5. Whenever a mutual savings bank or mutual holding company is required by this chapter to obtain membership approval for a transaction, the savings bank or mutual holding company may use any existing proxy conferring general authority to vote on any and all matters at any meeting of members if the member granting the proxy:
(1) has been furnished a proxy statement regarding the proposed transaction; and
(2) does not revoke the proxy before the vote at the meeting at which the transaction will be considered.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 7. Mutual Holding Company Conversion and Liquidation › 28-6.2-7-6. Plan of Conversion

Sec. 6. A mutual holding company organized under the laws of the United States may convert to a mutual holding company organized under this article in accordance with a plan of conversion approved by the department that is substantially the same as a plan of a mutual bank conversion authorized in IC 28-1-21.7.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.2. Mutual Savings Bank Holding Companies › Chapter 7. Mutual Holding Company Conversion and Liquidation › 28-6.2-7-7. Adoption of Rules to Implement Chapter

Sec. 7. The department may adopt rules under IC 4-22-2 or adopt policies necessary to implement this chapter.
As added by P.L.122-1994, SEC.101.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-0.1. Application of Certain Amendments to Chapter

Sec. 0.1. The amendments made to section 9(9) of this chapter by P.L.14-1992 apply to expenditures made by credit unions after July 1, 1992, for buildings or other office space.
As added by P.L.220-2011, SEC.464.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-1. Persons Authorized to Organize; Application; Articles of Incorporation

Sec. 1. (a) Any seven (7) persons who are residents of Indiana, of legal age, and representing not less than five hundred (500) persons who belong to one (1) or more qualified groups (as defined in section 10 of this chapter) may apply to the department for permission to organize a credit union, by signing and acknowledging, in triplicate, articles of incorporation.
(b) Those persons desiring to organize a credit union under this chapter shall make application on forms prescribed by the director. The articles shall state:
(1) the name of the credit union;
(2) the address of the credit union's principal office;
(3) the purpose for which it is formed;
(4) qualification for membership in the credit union;
(5) the par value of the shares;
(6) the maximum number of directors;
(7) the name, address, and term of office of each member of the first board of directors;
(8) the name and address of each of the incorporators and the number of shares subscribed to by each; and
(9) any other provisions for the regulation of the affairs of the corporation.
(c) The application shall be signed by all incorporators before a notary public.
(d) The department shall make a careful investigation of:
(1) the character and management qualifications of the proposed directors and officers; and
(2) the economic feasibility of the proposed credit union service.
(e) The application shall be processed as follows:
(1) The applicant shall give notice of its application in accordance with IC 28-11-5.
(2) If exceptions to the application are filed with the department, a public hearing on the application may be scheduled and held in accordance with IC 28-11-5-7.
(3) If no exceptions to the application are filed, the department shall approve or deny the application within one hundred twenty (120) days.
(f) If the proposed credit union is approved, triplicate copies of the articles of incorporation shall be filed with the secretary of state. The secretary of state shall file one (1) copy of the articles and shall issue a certificate of incorporation to the incorporators. The certificate of incorporation, together with two (2) copies of the articles, shall be returned to the incorporators.
(g) The articles shall be filed with the recorder of the county in which the credit union is to be located.
Formerly: Acts 1961, c.182, s.1; Acts 1974, P.L.130, SEC.1. As amended by Acts 1977, P.L.294, SEC.2; P.L.270-1983, SEC.1; P.L.52-1985, SEC.6; P.L.14-1992, SEC.121; P.L.228-1993, SEC.1; P.L.42-1993, SEC.73; P.L.263-1995, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-3. Bylaws; Requirement to Commence Business; Form

Sec. 3. A credit union may not commence business until it submits a completed set of bylaws to the department. The department shall have a form of bylaws prepared, consistent with this chapter, which shall be used by credit union incorporators. Bylaws shall be available to persons desiring to organize a credit union.
Formerly: Acts 1961, c.182, s.3. As amended by Acts 1977, P.L.294, SEC.3; P.L.263-1995, SEC.3.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-4. Bylaws; Contents

Sec. 4. (a) The bylaws, as provided in section 3 of this chapter, with acknowledgment of their adoption by the incorporators or board of directors, must provide at least the following:
(1) That the board of directors shall annually establish a date for the annual meeting. The bylaws shall prescribe the manner of notifying the members of meetings, the manner of conducting the meetings, and the number of members constituting a quorum, which shall in no case be less than fifteen (15) members.
(2) The number of directors of the corporation, which shall not be less than five (5), all of whom shall be members.
(3) The powers and duties of the directors.
(4) The duties of the officers who are elected by the board of directors.
(5) The number of members of the supervisory committee, which shall not be less than three (3), together with their respective powers and duties.
(6) The terms under which shares may be issued, transferred, and withdrawn and loans may be made and repaid.
(7) Any other provisions consistent with this chapter.
(b) The bylaws must prescribe procedures which ensure that all credit union members have an opportunity to vote, either in person or by absentee ballot, at any meeting of the shareholders. A member may not vote by proxy. A member, other than a natural person, may vote through an agent designated for that purpose. An agent may not represent more than one (1) entity.
(c) This section does not prevent a credit union from having more restrictive provisions in its bylaws than are required by this chapter.
Formerly: Acts 1961, c.182, s.4; Acts 1969, c.133, s.1. As amended by Acts 1977, P.L.294, SEC.4; P.L.270-1983, SEC.2; P.L.52-1985, SEC.7; P.L.171-1986, SEC.1; P.L.263-1995, SEC.4.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-7. Amendment of Articles

Sec. 7. (a) A credit union may amend its articles of incorporation. An amendment shall be proposed by the board of directors by the adoption of a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the shareholders upon approval by the department. If the resolution is to be proposed at the annual meeting, notice of the proposal shall be included in the notice of the annual meeting. If the resolution is to be proposed at a special meeting, the special meeting shall be called by the resolution proposing the amendment, and notice of the meeting shall be given to each member of the credit union not less than five (5) days before the meeting. The notice must state the purpose of the meeting and contain the subject of the proposed amendment.
(b) The proposed amendment shall be adopted upon receiving the affirmative votes of at least three-fourths (3/4) of the shareholders present at the meeting.
(c) Upon the adoption of an amendment to the articles of incorporation, articles of amendment shall be executed and filed in the following manner:
(1) The articles of amendment shall be prepared and signed in triplicate by the president and secretary of the credit union. The department may approve them in the manner provided in IC 28-12-5.
(2) The amendment, if approved by the department, shall be filed with the secretary of state. The secretary of state shall keep one (1) copy of the articles in his office and shall issue a certificate of amendment to the credit union. The secretary of state shall return the certificate of amendment with a copy of the articles of amendment to the credit union and file the other copy of the articles with the department. A credit union shall not exercise any power, right, or authority conferred by an amendment until a copy of the articles has been filed with the recorder of the county in which the credit union is located.
Formerly: Acts 1961, c.182, s.7. As amended by Acts 1977, P.L.294, SEC.5; P.L.14-1992, SEC.122; P.L.263-1995, SEC.5.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-8. Unauthorized Use of Name "Credit Union"; Violations

Sec. 8. (a) The use of any name or title that contains the words "credit union", or that means "credit union" in any language, is unlawful unless the name is used by:
(1) a corporation authorized to use the words "credit union" under Indiana or United States law; or
(2) the Indiana Credit Union League, Inc., and its affiliates.
(b) The department is authorized to exercise the powers under IC 28-11-4 against a person, firm, limited liability company, or corporation that improperly holds itself out as a credit union.
(c) A person, firm, limited liability company, or corporation that violates this section is subject to a penalty of five hundred dollars ($500) per day for each day during which the violation continues. The penalty imposed shall be recovered in the name of the state on relation of the department and, when recovered, shall be paid into the financial institutions fund established by IC 28-11-2-9.
Formerly: Acts 1961, c.182, s.8. As amended by Acts 1978, P.L.2, SEC.2820; P.L.52-1985, SEC.8; P.L.263-1995, SEC.6; P.L.141-2005, SEC.12.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-9.1. Sale of Life Insurance Policy or Annuity Contract; Prohibitions

Sec. 9.1. (a) A credit union or a related credit union service organization (as defined in section 0.5(7) of this chapter) that acts as an insurance producer for the sale of a life insurance policy or an annuity contract issued by a life insurance company (as defined in IC 27-1-2-3):
(1) is subject to the requirements of IC 27; and
(2) must comply with the disclosure requirements of IC 27-1-38.
(b) A credit union or credit union service organization may not condition:
(1) an extension of credit;
(2) a lease or sale of real or personal property;
(3) the performance of a service; or
(4) the amount charged for:
(A) extending credit;
(B) leasing or selling real or personal property; or
(C) performing services;
upon a person's purchase of a life insurance policy or an annuity contract from the credit union or related credit union service organization.
(c) This section does not prohibit a credit union or a credit union service organization from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the credit union or credit union service organization.
As added by P.L.188-1997, SEC.11. Amended by P.L.63-2001, SEC.16, P.L.81-2001, SEC.5 and P.L.134-2001, SEC.18; P.L.130-2002, SEC.8; P.L.178-2003, SEC.93.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-10. Membership; Identification; Qualified Groups; Membership Cards

Sec. 10. (a) The membership of credit unions shall be clearly and specifically identified. The membership of a credit union shall be limited to one (1) or more qualified groups of persons, immediate family members of the persons in the qualified group or groups, and organizations of those persons. For purposes of this section, a qualified group consists of:
(1) persons having a common bond of occupation, trade, or professional association;
(2) members of a labor organization;
(3) members of a church;
(4) persons engaged in a common trade or profession within a well defined geographical location;
(5) employees of the credit union;
(6) persons who are members of a farm bureau cooperative, or other farm bureau organization, and who have subscribed to one (1) or more shares; or
(7) persons who reside or are employed within a community.
(b) A credit union may expand its membership with an additional qualified group or groups upon prior approval of the department.
(c) Membership cards must be kept on file and maintained in the credit union's main office for inspection by examiners and must contain at least the following information:
(1) Account number, name, address, date of birth, signature of member, and the date signed.
(2) A statement that the member is eligible for membership in the credit union by reason of employment, membership, affiliation, association, or other relationship with the organization, institution, corporation, or entity included in the credit union's field of membership.
(3) Date, signature, and title of person authorized to record approval by the board, membership officer, or executive committee.
Formerly: Acts 1961, c.182, s.10; Acts 1974, P.L.130, SEC.3. As amended by Acts 1982, P.L.170, SEC.2; P.L.271-1983, SEC.1; P.L.52-1985, SEC.10; P.L.14-1992, SEC.124; P.L.263-1995, SEC.8; P.L.53-2002, SEC.2; P.L.35-2010, SEC.150.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-10.1. Illegal Members; Purging of Accounts; Loans Not Affected

Sec. 10.1. The department shall consider a person, a firm, a corporation, or an organization to be an illegal member if the person, firm, corporation, or organization:
(1) became a member of a credit union; and
(2) did not qualify under section 10(a) of this chapter or the articles of incorporation of the credit union.
The membership of any illegal member, as determined by the department, shall be terminated and all accounts shall be purged from the active share accounts of the credit union within the period specified in writing by the department. However, a loan agreement between a terminated member and the credit union is unaffected by the termination and, if a loan involving an illegal member is secured by shares, the share account, to the extent encumbered by the loan, remains valid until unencumbered.
As added by P.L.35-2010, SEC.151.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-10.6. Issuing Shares in a Revocable or Irrevocable Trust; Conditions

Sec. 10.6. A credit union may issue shares in a revocable or irrevocable trust, subject to the following:
(1) If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor's own right.
(2) If shares are issued in an irrevocable trust, at least one (1):
(A) settlor; or
(B) beneficiary;
must be a member of the credit union in the settlor's or the beneficiary's own right.
(3) The name of each beneficiary must be listed for the trust, whether the trust is revocable or irrevocable.
As added by P.L.89-2011, SEC.48.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-11. Quarterly Call Report of Credit Union's Condition; Civil Penalty for Failure to Report; Information in Report

Sec. 11. Each credit union shall make a call report of its condition to the department, at least quarterly on forms and in accordance with guidelines approved by the director. Reports in addition to the regular reports may be required. A credit union that fails to comply with this section may be required by the department to pay a civil penalty of one hundred dollars ($100) for each day of noncompliance. Money paid under this section as determined by the department shall be deposited into the financial institutions fund established by IC 28-11-2-9. Except as specified in IC 28-11-3-3 concerning individual depositors, any information contained in call reports made by credit unions to the department must be made available to any person upon request.
Formerly: Acts 1961, c.182, s.11. As amended by Acts 1982, P.L.170, SEC.3; P.L.33-1991, SEC.54; P.L.228-1993, SEC.3; P.L.263-1995, SEC.9; P.L.141-2005, SEC.14; P.L.89-2011, SEC.49.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-12. Examinations of Credit Unions and Affiliates; Recognition of Cpa Audit; Examination of Vendors

Sec. 12. (a) Every credit union and every affiliate of a credit union shall be subject to examination in accordance with IC 28-11-3-1 by the department. A credit union shall be examined by the department as often as the department shall deem necessary. The department shall at all times be given free access to all of the books, papers, securities, and other sources of information, including audit reports and audit working papers for any such credit union. The director, the members of the department, and the supervisor in charge of the division shall have the power to subpoena documents and examine witnesses under oath pertaining to the business of the credit union. The department may accept an audit by a certified public accountant and govern its examination procedures and examination fees accordingly. At the close of each examination, a conference shall be conducted to disclose to the board of directors the findings of the examination.
(b) If a credit union contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the credit union and be subject to the department's routine examination procedures, the person that provides the service to the credit union shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this subsection is necessary or desirable, the examination may be made at the expense of the person to be examined. If the person to be examined under this subsection refuses to permit the examination to be made, the director may order any credit union that receives services from the person refusing the examination to:
(1) discontinue receiving one (1) or more services from the person; or
(2) otherwise cease conducting business with the person.
Formerly: Acts 1961, c.182, s.12. As amended by P.L.263-1995, SEC.10; P.L.35-2010, SEC.153; P.L.73-2016, SEC.25.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-14. Fiscal Year; Membership Meetings; Voting Rights

Sec. 14. A credit union fiscal year shall end at the close of business on the thirty-first day of December. Special meetings of the members of any credit union may be convened by order of the board of directors or the supervisory committee, or by a petition of at least ten per cent (10%) of the members. A member shall have one (1) vote. The members may decide on any matter concerning the credit union. The members may overrule the directors, and, by a three-fourths (3/4) vote of those present, may amend the bylaws if the notice of the meeting stated the proposed amendment.
Formerly: Acts 1961, c.182, s.14. As amended by P.L.263-1995, SEC.11.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-16.5. Conflicts of Interest; Disqualification; Directors; Committee Members

Sec. 16.5. (a) This section governs the participation of board members in board actions.
(b) Unless a matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the credit union, a director, a committee member, an officer, or an employee of a credit union shall not in any manner, directly or indirectly, participate in the deliberation or board action on any matter that affects the director's, committee member's, officer's, or employee's pecuniary interest or the pecuniary interest of an entity other than the credit union in which the director, committee member, officer, or employee is interested.
(c) If one (1) or more directors are disqualified from participating in a matter before the credit union board under subsection (b), the remaining qualified directors present at the meeting, if together with the disqualified director constitutes a quorum, may by majority vote exercise all the powers of the board with respect to the matter under consideration. If all of the directors are disqualified, the members of the credit union shall act on the matter.
(d) If one (1) or more committee members are disqualified from participating in a matter before the committee under subsection (b), the remaining qualified committee members, if together with the disqualified committee member constitutes a quorum, may by majority vote exercise all the powers of the committee with respect to the matter under consideration. If all the committee members are disqualified, the credit union board shall act on the matter.
As added by P.L.35-2010, SEC.156.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-17.1. Repealed

As added by P.L.141-2005, SEC.17. Amended by P.L.90-2008, SEC.42; P.L.35-2010, SEC.158. Repealed by P.L.129-2020, SEC.14.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-17.2. Extensions of Credit to Officers, Directors, or Supervisory Committee Members; Applicability of Federal Regulation; Delinquencies by Directors or Committee Members; Waiver

Sec. 17.2. (a) A credit union may extend credit to:
(1) an officer, an officer's immediate family member, or an officer's related interests;
(2) a director, a director's immediate family member, or a director's related interests; or
(3) a supervisory committee member, a supervisory committee member's immediate family member, or a supervisory committee member's related interests;
in accordance with the definitions, restrictions, and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215). Restrictions on extensions of credit to supervisory committee members, and to the immediate family members or related interests of supervisory committee members, shall be treated consistently with restrictions on extensions of credit to directors as imposed by Regulation O. For purposes of applying Regulation O to an extension of credit made by a credit union under this section, the term "unimpaired capital and unimpaired surplus", as used in Regulation O, is considered to mean "capital and surplus" (as defined in section 0.5(18) of this chapter).
(b) If an extension of credit made to or cosigned, endorsed, or guaranteed by a director or a member of the supervisory, credit, or other committee is more than three (3) months delinquent, the individual:
(1) is automatically removed from the individual's position as director or committee member; and
(2) is ineligible to serve as a director or committee member for two (2) years.
The director of the department may waive the application of this subsection if the director determines that a waiver is in the best interests of the credit union.
As added by P.L.90-2008, SEC.43. Amended by P.L.40-2016, SEC.1; P.L.129-2020, SEC.15.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-17.3. Quarterly Report of Outstanding Indebtedness of Officers, Directors, and Committee Members; Retention; Contents

Sec. 17.3. At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members. A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the department unless specifically requested. A report required by this section must include:
(1) the amount of each indebtedness; and
(2) a description of the terms and conditions of each loan, including:
(A) the interest rate;
(B) the original amount and date of the loan;
(C) the maturity date;
(D) payment terms;
(E) security, if any; and
(F) any unusual term or condition of a particular extension of credit.
As added by P.L.90-2008, SEC.44.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-17.5. Signature Limits

Sec. 17.5. The credit committee or loan officer may approve a line of credit, which shall establish a signature limit. Advances in excess of the signature limit shall be permitted if security is pledged to guarantee that amount in excess of the signature limit. Advances may be granted to each member within the limits of such extension of credit. Where a line of credit has been approved, no additional loan application or statement of purpose is required, provided the aggregate unsecured obligation does not exceed the signature limit.
As added by Acts 1977, P.L.294, SEC.10. Amended by P.L.263-1995, SEC.15.