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

Indiana Statutes

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

Indiana § 28-1-21.9-12

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 21.9Charter Conversion of a Mutual Savings Bank to a

This text of Indiana § 28-1-21.9-12 (Rights and obligations of converted stock savings banks) 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 § 28-1-21.9-12 (2026).

Text

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.

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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.