§ 28-6.1-15-10 — Effect of conversions

Indiana § 28-6.1-15-10

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 15: Conversion of a Savings Bank to a Bank or Trust

Text

(a) On the effective date of conversion, the
existence of the savings bank ceases and the existence of the bank or
trust company begins.
(b) On the effective date of conversion, the following apply:
(1) All subscriptions to shares of the capital stock of the bank or
trust company previously received are considered accepted by the
bank or trust company, and the subscribers for those shares, or
their assigns, are considered to be shareholders of the bank or
trust company.
(2) All property, all debts due on whatever account, all choses in
action, and every other interest of or belonging to the converted
savings bank are considered transferred to and vested in the bank
or trust company without further act or deed.
(3) The bank or trust company shall be responsible and liable for
the liabilities and obligations of the converted savings bank. An
existing claim, an action, or a proceeding pending by or against
the converted savings bank may be prosecuted to judgment as if
conversion had not taken place or the bank or trust company may
be substituted in the savings bank's place.
(4) The new bank or trust company has all the rights, privileges,
immunities, and powers and, except as provided in this chapter,
is subject to all the duties, restrictions, penalties, and liabilities of
a bank or trust company organized under IC 28-1.

Legislative History

As added by P.L.42-1993, SEC.72.