Ind. Code ch. 28-6.1-14

in effect

Ind. Code § 28-6.1-14-1 Application of chapter

Sec. 1. This chapter applies only to a stock savings bank formed as the result of a conversion under IC 28-1-21.8 or IC 28-1-21.9. As added by P.L.42-1993, SEC.72.

Ind. Code § 28-6.1-14-2 Conversion; approval of department

Sec. 2. A stock savings bank may convert into a state bank or a savings association with the approval of the department. As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.74.

Ind. Code § 28-6.1-14-3 Conversion procedure

Sec. 3. The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following: (1) The board of the savings bank must propose a resolution of conversion. (2) The resolution of conversion must be adopted by the affirmative vote of at least a majority of the shareholders of the savings bank. (3) The savings bank must provide all relevant information relating to the conversion requested by the department. As added by P.L.42-1993, SEC.72.

Ind. Code § 28-6.1-14-4 Articles of conversion

Sec. 4. (a) To effect the conversion, the converting savings bank must file articles of conversion showing the department's approval of the conversion with the following: (1) The secretary of state. (2) The county recorder of the county in which the principal office of the savings bank is located. (b) The articles of conversion: (1) must set forth the elements required by IC 28-12-2-1; and (2) constitute the articles of incorporation of the new state bank or savings and loan association. As added by P.L.42-1993, SEC.72.

Ind. Code § 28-6.1-14-5 Rights and obligations upon conversion

Sec. 5. Upon conversion, the new state bank or new savings association: (1) has all the rights, privileges, immunities, and powers of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; (2) is subject to all the duties, restrictions, penalties, and liabilities of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; and (3) is governed by IC 28-13. As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.75.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/28Fetched: 10/17/2026