Sec. 25. (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.
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