Sec. 1. A mutual holding company may do the following:

(1) Invest in or acquire control of:

(A) a bank, savings bank, or savings association; or

(B) the holding company of a bank, savings bank, or savings association.

(2) Acquire a mutual savings bank or mutual savings association by merger with an interim or existing subsidiary savings bank of the mutual holding company from which the mutual holding company has members.

(3) Acquire control of another mutual holding company by:

(A) merging with or into it; or

(B) merging it with or into a subsidiary interim holding company;

with the consent of the department and subject to conditions the department may prescribe, upon an affirmative vote of at least two-thirds (2/3) of the board of each entity.

(4) Acquire control of a savings bank holding company or savings association holding company in the stock form with the written approval of the department. An acquired holding company may be held as a subsidiary or merged into the mutual holding company.

(5) Invest in or acquire control of any corporation that is engaged exclusively in activities approved by the department.

(6) Invest in securities in which a savings bank may invest in under IC 28-6.1.

(7) Engage in activities in which a savings bank may engage in under IC 28-6.1.

(8) Furnish or perform management services for a subsidiary.

(9) Hold, manage, or liquidate assets owned or acquired from a subsidiary.

(10) Hold or manage property that the mutual holding company or a subsidiary uses.

(11) Engage in any activity that the federal reserve board permits a bank holding company to engage in under 12 CFR 225, subpart C, unless limited or prohibited by the department.

(12) Convert itself and any savings bank subsidiary into a mutual savings bank under a plan that:

(A) is approved by the department;

(B) provides that the converting mutual holding company ceases to engage in activities in which the converted savings bank may not engage; and

(C) provides that stock in a subsidiary savings bank that is not held by the converting mutual holding company is redeemed.

As added by P.L.122-1994, SEC.101. Amended by P.L.79-1998, SEC.79.