The department may authorize the resulting mutual bank to do the following:

1. (1) Wind up any activities legally engaged in by the savings association at the time of mutual bank conversion not permitted to mutual banks.

2. (2) Retain any assets legally held by the savings association at the time of the mutual bank conversion that may not be held by mutual banks for a transitional period.

   The terms and conditions of the transitional period under subdivisions

3. (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 mutual bank conversion.

As added by P.L.147-1990, SEC.3. Amended by P.L.42-1993, SEC.41.