Sec. 16. (a) Except as provided in subsection (c), a stock savings bank formed under this chapter is governed by IC 28-6.1 . (b) For purposes of a stock savings bank formed under this chapter, references in IC 28-6.1 to formation and operation by a board means: (1) formation by conversion under this chapter; and (2) operation by a board of directors elected by shareholders under IC 28-13 . (c) IC 28-6.1-3 does not apply to a stock savings bank formed under this chapter.
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