Section 28-1-23-6 - Restrictions on incorporation and organization(a) Except as provided in subsection (b), a mutual savings bank or a mortgage guarantee company may not be incorporated or organized under Indiana law.(b) A mutual savings bank may be organized with all rights and privileges under IC 28-6.1 only by a mutual bank conversion under IC 28-1-21.7.(Formerly: Acts 1933, c.40, s.356; Acts 1937, c.33, s.41.) As amended by P.L. 263-1985, SEC.100; P.L. 147-1990, SEC.8; P.L. 42-1993, SEC.45; P.L. 79-1998, SEC.61.