Before reorganizing into a mutual holding company, a reorganizing savings bank shall do the following:(1) Obtain approval of a reorganization plan by a majority of the board of directors of the reorganizing savings bank.(2) File the reorganization plan with the department.(3) Obtain approval of a reorganization plan by an affirmative vote of a majority of the voting members of the reorganizing savings bank and any acquiree savings bank, at a regular or special meeting of the members.As added by P.L.122-1994, SEC.101.
Indiana Legal Code