IC 28-6.2-2-4 Grounds For Disapproving Reorganization Plan Application

• Library: Indiana Statutes
• Edition: 2023
• Currency: Current through P.L. 255-2023
• Year: 2023
• Citation: IC 28-6.2-2-4

The department may disapprove an application for a mutual holding company reorganization plan if any of the following applies:

(1) The reorganization would result in unsafe or unsound practices, or an unsafe or unsound financial institution.

(2) The applicant has not demonstrated that the reorganization plan is fair to the members of the reorganizing savings bank.

(3) The reorganization plan does not protect the interests of the deposit account holders of the reorganizing savings bank.

(4) The financial or managerial resources of the reorganizing savings bank or any acquiree savings bank warrant disapproval.