The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following:

1. (1) The out-of-state financial institution shall prepare and submit to the department a plan of charter conversion that provides the terms and conditions of the charter conversion as required by the department.
2. (2) The plan of charter conversion must be adopted by not less than a majority of the board of directors of the out-of-state financial institution.
3. (3) Upon approval of a plan of charter conversion by the board of directors of the out-of-state financial institution, the plan of charter conversion and a certified copy of the resolution of the board of directors approving the plan of charter conversion must be submitted to the department for approval.
4. (4) The plan of charter conversion must be conditioned upon the approval of not less than a majority of the total number of votes cast at a regular or special meeting of the shareholders.
5. (5) The out-of-state financial institutions shall provide to the department the additional relevant information requested by the department in connection with the plan of charter conversion.

As added by P.L.1-2006, SEC.490.