SB 314 Summary

• Allows the board for depositories to merge with a domestic nonprofit corporation, with the nonprofit becoming the surviving entity known as the "public deposit insurance corporation"

• Requires the surviving nonprofit corporation to deliver articles of merger to the secretary of state for approval and establishes that the corporation operates under nonprofit law (IC 23-17) rather than as a state board

• Provides that property in the corporation insurance fund and all property held by the public deposit insurance corporation are exempt from state and local taxes

• Establishes immunity from personal liability for members of the board of directors and officers/employees of the public deposit insurance corporation regarding investments made in compliance with the corporation's investment policy

• Allows the board for depositories to continue administering the insurance fund until July 1, 2012 (or later by executive order if merger does not occur), with all provisions regarding the board for depositories expiring January 1, 2013