Sec. 25. (a) A savings bank organized before January 1, 1993, may request that the department order the savings bank to merge, consolidate, or join with an acquiring institution that is a bank, bank of discount and deposit, savings bank formed after December 31, 1992, savings association, or trust company. (b) A savings bank may make a request under subsection (a) only if its board of trustees has, at a regular or special meeting called for that purpose, by a vote of at least two-thirds (2/3) of the then qualified and acting trustees, adopted a resolution stating that in the opinion of the board, the merger, consolidation, or other joining together is in the best interests of the depositors and other creditors of the savings bank. (c) The department may order a merger, consolidation, or other joining requested under subsection (a) if it determines that: (1) the depositors of the savings bank would not receive any liquidating dividend upon the dissolution of the savings bank; and (2) the acquiring institution is willing to be the surviving corporation. (d) The approval of the depositors of a savings bank organized before January 1, 1993, is not required for a merger, consolidation, or joining together under this section. (e) To facilitate a merger, consolidation, or joining together under this section, the department may convert the charter, form of ownership, or operating powers of a savings bank into the charter, form of ownership, or operating powers of the acquiring institution. IC 28-1-7.1 Chapter 7.1. Voluntary Supervisory Conversion 28-1-7.1-1 "Depository financial institution" 28-1-7.1-2 "Standard conversion" 28-1-7.1-3 Depository financial institution with mutual ownership; authority to engage in voluntary supervisory conversion 28-1-7.1-4 Voluntary supervisory conversion; types of transactions 28-1-7.1-5 Voluntary supervisory conversion; eligibility; conditions 28-1-7.1-6 Director's determination of resulting entity's viability; conditions; authority of director to act; applicability of law governing mergers and consolidations; waiver of law 28-1-7.1-7 Depositors; no right to participate in or approve conversion; no ownership interests in converted institution; liquidation account 28-1-7.1-8 Plan of conversion; adoption by board; contents 28-1-7.1-9 Application to department; required information and documents 28-1-7.1-10 Denial of application; findings by director 28-1-7.1-11 Approval of application; conditions
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