(a) The department shall approve or disapprove the resolution of conversion after first making examinations or investigations the department considers necessary to determine if the proposed conversion is fair and in the best interests of the depositors of the savings bank.(b) IC 28-1-2-23 and IC 28-11-5 do not apply to a determination under subsection (a).(c) If the department approves the resolution of conversion, the approval shall be evidenced in the manner prescribed in IC 28-12-5. The approval shall be indicated on the resolution.As added by P.L.42-1993, SEC.72.
Indiana Legal Code