Indiana Code 28-1-21.4-13. Powers and duties at effective time of conversion
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Sec. 13. At the effective time of the charter conversion, the resulting stock savings association:
(2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a stock savings association;
(1) possesses all of the rights, privileges, immunities, and powers of a stock savings association;
Terms Used In Indiana Code 28-1-21.4-13
- charter conversion: means the conversion of a mutual savings association to a stock savings association, including any of the following:
Indiana Code 28-1-21.4-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- stock savings association: means a savings association that is:
Indiana Code 28-1-21.4-6
(3) succeeds by operation of law to all rights and property of the converting savings association; and
(4) is subject to all debts, obligations, and liabilities of the converting savings association as if the stock savings association had incurred the debts and liabilities.
As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.56.