Statutes, codes, and regulations
Indiana Code
Title 28 - FINANCIAL INSTITUTIONSArticle 1 - DEPARTMENT OF FINANCIAL INSTITUTIONS
Chapter 7.1 - VOLUNTARY SUPERVISORY CONVERSION
Section 28-1-7.1-7 - Depositors; no right to participate in or approve conversion; no ownership interests in converted institution; liquidation account

Ind. Code § 28-1-7.1-7

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Current through P.L. 171-2024
Section 28-1-7.1-7 - Depositors; no right to participate in or approve conversion; no ownership interests in converted institution; liquidation account

Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, unless the department allows otherwise. Depositors may have interests in a liquidation account, if one is established.

IC 28-1-7.1-7

Added by P.L. 89-2011, SEC. 33, eff. 4/28/2011.