- (a) Any industrial loan and investment company organized under this chapter may, upon approval of the department, convert into a state bank or trust company or a savings association.
(b) The department shall prescribe the procedure for conversion under this section. The department shall prescribe a procedure that includes the following conditions:
- (1) The conversion must be proposed by the board of directors of the industrial loan and investment company in a resolution of conversion.
- (2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) of the shareholders of the industrial loan and investment company.
- (3) The industrial loan and investment company must provide all relevant information requested by the department in connection with the conversion.
- (c) Upon conversion, an industrial loan and investment company has all the rights, privileges, immunities, and powers, and is subject to all the duties, restrictions, penalties, and liabilities of a bank or trust company organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15 .
As added by P.L.164-1988, SEC.10. Amended by P.L.79-1998, SEC.71.