1. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter.

2. (b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but without the requirement of a public hearing, that:

   1. (1) the resulting mutual bank will operate in a safe, sound, and prudent manner;
   2. (2) the proposed mutual bank conversion will not result in a mutual bank that has inadequate capital, unsatisfactory management, or poor earnings prospects;
   3. (3) the management or other principals of the credit union are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual bank proposed to be formed as a result of the mutual bank conversion; and

   4. (4) the interests of the:

      1. (A) members and creditors of the credit union;
      2. (B) depositors and creditors of the mutual bank; and

      3. (C) public generally;

         will not be jeopardized by the proposed mutual bank conversion.

As added by P.L.62-1999, SEC.2.