Indiana Code 28-1-21.9-12. Rights and obligations of converted stock savings banks
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Sec. 12. At the effective time of the charter conversion, the resulting stock savings bank:
(2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a stock savings bank;
(1) possesses all of the rights, privileges, immunities, and powers of a stock savings bank;
Terms Used In Indiana Code 28-1-21.9-12
- charter conversion: means the conversion of a savings bank to a stock savings bank, including any of the following:
Indiana Code 28-1-21.9-1
- 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
- savings bank: has the meaning set forth in Indiana Code 28-1-21.9-5.5
- stock savings bank: means a savings bank that is:
Indiana Code 28-1-21.9-6
(3) succeeds by operation of law to all rights and property of the converting savings bank; and
(4) is subject to all debts, obligations, and liabilities of the converting savings bank as if the stock savings bank had incurred the debts and liabilities.
As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.46.