Section 28-1-21.7-3 - "Mutual bank"(a) As used in this chapter, "mutual bank" means a mutual savings bank governed by IC 28-6.1.(b) A reference in IC 28-6.1 to formation and operation of a savings bank by a board means formation by conversion under this chapter and operation by a board of directors elected by members under IC 28-13.(c) IC 28-6.1-3 does not apply to mutual banks formed by conversion under this chapter.As added by P.L. 147-1990, SEC.3. Amended by P.L. 42-1993, SEC.39.