Section 28-1-7.1-10 - Denial of application; findings by director The director may not approve an application to engage in a voluntary supervisory conversion if the director makes any of the following findings:
(1) That the depository financial institution does not meet the eligibility requirements for a voluntary supervisory conversion under this chapter, or that the proceeds from the sale of the conversion stock, less the expenses of the conversion, would be insufficient to satisfy any applicable viability requirement.(2) That the transaction is detrimental to or would cause potential injury to the depository financial institution or is contrary to the public interest.(3) That the depository financial institution or its acquirer, or the controlling parties or directors and officers of the depository financial institution or its acquirer, have engaged in unsafe or unsound practices in connection with the voluntary supervisory conversion.(4) That the depository financial institution fails to justify an employment contract incidental to the conversion, or that the employment contract will be an unsafe or unsound practice or represent a sale of control.Added by P.L. 89-2011, SEC. 33, eff. 4/28/2011.