Indiana Code 28-1-30-7. Resulting mutual bank
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Sec. 7. Upon the conversion of a credit union, 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;
(1) possesses all of the rights, privileges, immunities, and powers of a mutual bank;
Terms Used In Indiana Code 28-1-30-7
- credit union: has the meaning set forth in Indiana Code 28-1-30-1
- 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 28-1-30-2
- 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 credit union; and
(4) is subject to all debts, obligations, and liabilities of the converting credit union as if the mutual bank had incurred the debts and liabilities.
As added by P.L.62-1999, SEC.2.