- (a) A disposition under this chapter must be approved by the board of the savings bank by the adoption of a resolution by the affirmative vote of at least two-thirds (2/3) of the then qualified and acting trustees.
- (b) The resolution may be adopted at a regular meeting or a special meeting of the board called for that purpose.
(c) The resolution must contain the following:
- (1) A description of the property to be disposed of.
- (2) The terms and conditions of and the consideration for the proposed disposition.
- (3) A statement to the effect that in the opinion of the board, the disposition will be in the best interests of the depositors and other creditors of the savings bank.
- (d) Three (3) copies of the resolution, certified by the president and the secretary of the savings bank, must be filed with the department.
As added by P.L.42-1993, SEC.72.