Ind. Code § 28-1-21.4-14

Current through P.L. 171-2024

Section 28-1-21.4-14 - Transitional period

The department may authorize the resulting stock savings association to do the following:

(1) Wind up any activities legally engaged in by the savings association at the effective time of the charter conversion not permitted to stock savings associations.

(2) Retain for a transitional period any assets legally held by the savings association at the effective time of the charter conversion that otherwise may not be held by stock savings associations.

The terms and conditions of the transitional period under subdivisions (1) and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.

IC 28-1-21.4-14

As added by P.L. 176-1996, SEC.14. Amended by P.L. 79-1998, SEC.57.