Ind. Code § 28-1-21.9-12

Current through P.L. 171-2024

Section 28-1-21.9-12 - Rights and obligations of converted stock savings banks

At the effective time of the charter conversion, the resulting stock savings bank:

(1) possesses all of the rights, privileges, immunities, and powers of a 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;

(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.

IC 28-1-21.9-12

As added by P.L. 42-1993, SEC.44. Amended by P.L. 262-1995, SEC.46.