Indiana § 28-1-21.7-11 Powers and duties of resulting mutual bank

Indiana Statutes

§ 28-1-21.7-11 — Powers and duties of resulting mutual bank

Indiana § 28-1-21.7-11

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 21.7Charter Conversion of Mutual Savings Associations

This text of Indiana § 28-1-21.7-11 (Powers and duties of resulting mutual 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 § 28-1-21.7-11 (2026).

Text

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

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

(2)unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a mutual 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 mutual bank had incurred the debts and liabilities.

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Upon conversion of a savings association,
the resulting mutual bank:
(1) possesses all of the rights, privileges, immunities, and powers
of a mutual bank;
(2) unless otherwise provided in this chapter, is subject to all of
the duties, restrictions, obligations, and liabilities of a mutual
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 mutual bank had incurred the debts and liabilities.