Sec. 3. (a) Upon receipt of an application for a mutual holding company reorganization under this article, the department may:
(1) accept the application for processing;
(2) request additional information to complete the application; or
(3) return the application if it is substantially incomplete.
(b) A proposed reorganization plan must be approved or disapproved by the department within ninety (90) days of its acceptance by the department and, if approved, may be subject to any conditions the department determines necessary.