1. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following:

   1. (1) Wind up any activities legally engaged in by the credit union at the time of mutual bank conversion but not permitted to mutual banks.
   2. (2) Retain any assets legally held by the credit union at the time of the mutual bank conversion that may not be held by a mutual bank.
   3. (3) Attain and maintain sixty percent (60%) of its assets in investments that qualify under 26 U.S.C. 7701(a)(19).
2. (b) The terms and conditions of any transitional period under this section are at the discretion of the department.

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