§ 11-45-102 — Effect of conversion

Colorado § 11-45-102

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Conversion

Text

At the time when such conversion becomes
effective, such association shall cease to be supervised by this state, and all of the
property of such association, including all of its right, title, and interest in and to all
property of every kind and character, whether real, personal, or mixed, immediately
by operation of law and without any conveyance or transfer whatsoever and without
any further act or deed, shall continue to be vested in said association under its new
name and style as a federal savings and loan association and under its new
jurisdiction; and said federal savings and loan association shall have, hold, and
enjoy the same in its own right as fully and to the same extent as if the same were
possessed, held, and enjoyed by it as a state association, and said federal savings
and loan association, at the time of the taking effect of such conversion, shall
continue to be responsible for all of the obligations of said state association to the
same extent as though said conversion had not taken place. It is expressly declared
that such federal savings and loan association shall be merely a continuation of the
state association under a new name, a new jurisdiction, and such revision of its
corporate structure as may be considered necessary for its proper operation under
said new jurisdiction.

Legislative History

Source: L. 35: p. 265, � 2. CSA: C. 25, � 68. CRS 53: � 122-7-2. C.R.S. 1963: � 122-6-2.