Indiana § 28-1-33-12 Rights, privileges, obligations, and liabilities

Indiana Statutes

§ 28-1-33-12 — Rights, privileges, obligations, and liabilities

Indiana·Art. 1 DEPARTMENT OF FINANCIAL INSTITUTIONS·Ch. 33 Charter Conversion of a Mutual Savings Bank Into a

At the effective time of a charter conversion 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, regulations, duties, restrictions, obligations, and liabilities of a credit union;

(3)succeeds by operation of law to all rights and property of the converting mutual savings bank;

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

(5)may retain the borrowers and depositors of the converting mutual savings bank as members of the credit union.

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At the effective time of a charter conversion
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, regulations, duties, restrictions, obligations, and
liabilities of a credit union;
(3) succeeds by operation of law to all rights and property of the
converting mutual savings bank;
(4) is subject to all debts, obligations, and liabilities of the
converting mutual savings bank as if the credit union had incurred
the debts, obligations, and liabilities; and
(5) may retain the borrowers and depositors of the converting
mutual savings bank as members of the credit union.

Indiana § 28-1-33-12 (Rights, privileges, obligations, and liabilities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.