Indiana § 28-1-21.6-11 Powers and duties of resulting commercial bank

Indiana Statutes

§ 28-1-21.6-11 — Powers and duties of resulting commercial bank

Indiana § 28-1-21.6-11

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 21.6Charter Conversion of Mutual or Stock Savings

This text of Indiana § 28-1-21.6-11 (Powers and duties of resulting commercial bank) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-1-21.6-11 (2026).

Text

Upon conversion of a savings association, the resulting commercial bank:

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

(2)unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and

(3)succeeds by operation of law to all rights and property of the converting savings association and shall be subjected to all debts, obligations, and liabilities of the converting savings association as if the commercial bank had incurred the debts and liabilities.

Free access — add to your briefcase to read the full text and ask questions with AI

Upon conversion of a savings association,
the resulting commercial bank:
(1) possesses all of the rights, privileges, immunities, and powers
of a commercial bank;
(2) unless otherwise provided in this chapter, is subject to all of
the duties, restrictions, obligations, and liabilities of a commercial
bank; and
(3) succeeds by operation of law to all rights and property of the
converting savings association and shall be subjected to all debts,
obligations, and liabilities of the converting savings association
as if the commercial bank had incurred the debts and liabilities.