Sec. 11. (a) The director shall condition approval of a voluntary supervisory conversion application on the applicant satisfying all of the following: (1) The depository financial institution must complete the conversion stock sale, if any, not later than three (3) months after the director approves the application. The director may grant an extension for good cause. (2) The depository financial institution and its acquirer must comply with all applicable laws, rules, and regulations. (3) The depository financial institution and its acquirer must satisfy any other requirements or conditions imposed by the director. (4) The depository financial institution involved in, or the one (1) or more entities resulting from, the voluntary supervisory conversion must obtain insurance coverage of their deposits by the Federal Deposit Insurance Corporation. (b) The director may condition approval of a voluntary supervisory conversion application on either of the following: (1) The applicant must satisfy any conditions and restrictions the director imposes to prevent unsafe or unsound practices, to protect the public interest, or to prevent potential injury or detriment to the depository financial institution before and after the conversion. The director may impose these conditions and restrictions on the depository financial institution (before and after the conversion), its acquirer, controlling parties, or directors and officers of the depository financial institution or its acquirer. (2) A larger amount of capital, if necessary, for safety and soundness reasons must be infused following the voluntary supervisory conversion. IC 28-1-7.2 Chapter 7.2. Repealed IC 28-1-7.5 Chapter 7.5. Formation of Certain Bank Holding Companies 28-1-7.5-1 "Holding company" defined 28-1-7.5-2 Acquisition of bank, trust company, corporate fiduciary, or stock savings bank by holding company under plan of exchange 28-1-7.5-3 Resolutions approving plan of exchange; contents; direction for submission to vote of shareholders 28-1-7.5-4 Filing plan of exchange and statement disclosing required information with department 28-1-7.5-5 Public hearing; requisites; procedures 28-1-7.5-6 Approval or disapproval of plan of exchange by department; order; findings of fact; judicial review 28-1-7.5-7 Submission of plan of exchange to shareholders; procedures; voting rights; approval; abandonment 28-1-7.5-8 Dissenting shareholders; demand for payment of value of shares; withdrawal of demand; determination of value; procedures; limitations 28-1-7.5-9 Articles of exchange; requisites; filing; certificate of exchange; issuance; effectiveness of plan 28-1-7.5-10 Plan of exchange; consummation by operation of law; effect 28-1-7.5-11 Redemption by holding company of its outstanding common stock 28-1-7.5-12 Separate and distinct corporations; effect upon liability 28-1-7.5-13 Exemption from requirements of IC 28-1-2-23 28-1-7.5-14 Acquisition under other lawful procedures unaffected 28-1-7.5-15 Limitations of IC 28-2-14 unaffected
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