Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following: (1) The resulting credit union will operate in a safe, sound, and prudent manner. (2) The proposed charter conversion will not result in a credit union that has inadequate capital, unsatisfactory management, or poor earnings prospects. (3) The management or other principals of the mutual savings bank are qualified by character and financial responsibility to control and operate the proposed credit union in a legal and proper manner. (4) The interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion. (5) The proposed membership of the resulting credit union will comply with the membership requirements of IC 28-7-1-10 .
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.