IN HB1202

Allows the board for depositories to merge with a domestic nonprofit corporation, with the surviving entity becoming the "public deposit insurance corporation" that operates the "corporation insurance fund" (formerly the public deposit insurance fund)

Requires the merging nonprofit corporation's board of directors and voting members to approve a resolution of merger by majority vote, after which the secretary of state reviews and approves or disapproves the articles of merger

Exempts all property in the corporation insurance fund and property held by the public deposit insurance corporation from state and local taxes

Provides immunity from personal liability for members of the board of directors and officers, members, or employees of the public deposit insurance corporation for investments made in compliance with adopted investment policy

Establishes that if the merger does not occur by June 30, 2012, the secretary of state may file an affidavit with the governor to extend the board for depositories' authority until July 1, 2013, with related provisions expiring January 1, 2013