Indiana Code 28-1-21.7-11. Powers and duties of resulting mutual bank
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Sec. 11. Upon conversion of a savings association, the resulting mutual bank:
(2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a mutual bank; and
(1) possesses all of the rights, privileges, immunities, and powers of a mutual bank;
Terms Used In Indiana Code 28-1-21.7-11
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- mutual bank: means a mutual savings bank governed by Indiana Code 28-1-21.7-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- savings association: means an institution (as defined in Indiana Code 28-1-21.7-6
(3) succeeds by operation of law to all rights and property of the converting savings association and shall be subjected to all debts, obligations, and liabilities of the converting savings association as if the mutual bank had incurred the debts and liabilities.
As added by P.L.147-1990, SEC.3.