The articles of reorganization of a mutual holding company must provide the following:(1) On the effective date of reorganization or acquisition:(A) the owners of deposit accounts and borrowers in the resulting or acquiree savings bank become members of the mutual holding company; and(B) the membership rights of the owners and borrowers in the mutual savings bank end and their membership rights in the mutual holding company begin.(2) A person becomes a member of a mutual holding company by:(A) owning a deposit account in a mutual savings bank that is a subsidiary of the mutual holding company; or(B) borrowing from a mutual savings bank that is a subsidiary of the mutual holding company.(3) A member of a mutual holding company has one (1) vote for each one hundred dollars ($100) or additional fraction of one hundred dollars ($100) of the combined withdrawal value of the member's deposit accounts in a subsidiary mutual savings bank of the mutual holding company. Each borrowing member is entitled to cast one (1) vote as a borrower.(4) Members of a mutual holding company may vote in person or by proxy at any meeting. savings bank of the mutual holding company. Each borrowing member is entitled to cast one (1) vote as a borrower.(4) Members of a mutual holding company may vote in person or by proxy at any meeting. A proxy must be in writing and signed by the member or the member's authorized representative. Unless specified in the proxy, a proxy filed with the secretary shall continue in force until revoked by a written notice to the secretary or superseded by another proxy. Except as a proxy, a person may not cast more than fifty (50) votes at any meeting of the members unless a greater number of votes is authorized by the articles of reorganization.(5) A quorum of members at a regular or special meeting shall be comprised of any number of eligible members voting in person or by proxy.As added by P.L.122-1994, SEC.101.
Indiana Legal Code