Indiana § 28-1-30-7 Resulting mutual bank

Indiana Statutes

§ 28-1-30-7 — Resulting mutual bank

Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 30 Charter Conversion of a Credit Union to a Mutual

Upon the conversion of a credit union, 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;

(3)succeeds by operation of law to all rights and property of the converting credit union; and

(4)is subject to all debts, obligations, and liabilities of the converting credit union as if the mutual bank had incurred the debts and liabilities.

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Upon the conversion of a credit union, 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;
(3) succeeds by operation of law to all rights and property of the
converting credit union; and
(4) is subject to all debts, obligations, and liabilities of the
converting credit union as if the mutual bank had incurred the
debts and liabilities.

Indiana § 28-1-30-7 (Resulting mutual bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.