Indiana Code 28-1-32-11. Rights, privileges, authorizations, and obligations
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Sec. 11. At the effective time of the conversion of a mutual savings association into a credit union under this chapter, the resulting credit union:
(2) unless otherwise provided in this chapter, is subject to all of the statutes, rules, duties, restrictions, obligations, and liabilities of a credit union;
(1) possesses all of the rights, privileges, immunities, and powers of a credit union;
Terms Used In Indiana Code 28-1-32-11
- credit union: has the meaning set forth in Indiana Code 28-1-32-2
- effective time of the conversion: means :
Indiana Code 28-1-32-3
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- mutual savings association: means a savings association (as defined in Indiana Code 28-1-32-4
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) succeeds by operation of law to all rights and property of the converting savings association;
(4) is subject to all debts, obligations, and liabilities of the converting savings association as if the credit union had incurred the debts, obligation, and liabilities; and
(5) may retain the borrowers and depositors of the converting savings association as members of the credit union.
As added by P.L.1-2006, SEC.491.