HB 1352 Summary

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

• Requires the surviving nonprofit corporation to deliver articles of merger to the secretary of state, who may approve or disapprove based on whether the merger is lawful

• Establishes that the surviving nonprofit corporation does not inherit the statutory rights, privileges, immunities, or duties of the board for depositories unless expressly stated in law

• Provides that all property in the corporation insurance fund is exempt from state and political subdivision taxes, and grants immunity to board members and employees for investments made in compliance with adopted investment policy

• Sets December 31, 2013 as the expiration date for provisions creating the board for depositories, with the governor able to extend administration until July 1, 2014 if a merger does not occur by the deadline