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

Indiana § 28-1-33-12

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

Text

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.

Legislative History

As added by P.L.1-2006, SEC.492.