Indiana Code 28-1-21.8-12. 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, rules, 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 28-1-21.8-12
- effective time of the charter conversion: means :
Indiana Code 28-1-21.8-2
- 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
- savings association: means an institution (as defined in Indiana Code 28-1-21.8-4
- stock savings bank: means a savings bank owned by holders of capital stock and formed by conversion under this chapter. See Indiana Code 28-1-21.8-5
(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 bank had incurred the debts and liabilities.
As added by P.L.42-1993, SEC.43.