District of Columbia Statutes
§ 31-911 — Corporate existence.
(a)Upon the conversion of a mutual company to a converted stock company according to provisions of this chapter, the corporate existence of the mutual company shall be continued in the converted stock company. All the rights, franchises, and interest of the mutual company in and to every type of property, real, personal, and mixed, and things in action thereunto belonging, is deemed transferred to and vested in the converted stock company without any deed or transfer. Simultaneously, the converted stock company is deemed to have assumed all the obligations and liabilities of the mutual company.
(b)The directors and officers of the mutual company, unless otherwise specified in the plan of conversion, shall serve as directors and officers of the converted stock company until new directors
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Legislative History
May 24, 1996, D.C. Law 11-126, § 12, 43 DCR 1551
Nearby Sections
15
§ 31-1001
Report requirement.§ 31-1004
Confidentiality.§ 31-101
Definitions.§ 31-103
Functions and duties.§ 31-105
Transfers.§ 31-106
Organization.§ 31-106.01
Student Loan Ombudsman.§ 31-106.02a
Prohibited conduct – student loan servicers.§ 31-106.02b
Affirmative duties – student loan servicers.§ 31-106.02c
Prohibited acts – private education lenders.