§ 28-1-32-11 — Rights, privileges, authorizations, and obligations

At the effective time of the conversion of a
mutual savings association into a credit union under this chapter, the
resulting credit union:
(1) possesses all of the rights, privileges, immunities, and powers
of a credit union;
(2) unless otherwise provided in this chapter, is subject to all of
the statutes, rules, duties, restrictions, obligations, and liabilities
of a credit union;
(3) succeeds by operation of law to all rights and property of the
converting savings association;
(4) is subject to all debts, obligations, and liabilities of the
converting savings association as if the credit union had incurred
the debts, obligation, and liabilities; and
(5) may retain the borrowers and depositors of the converting
savings association as members of the credit union.

Legislative History

As added by P.L.1-2006, SEC.491.