Enjoyment of property by converted association; association as continuation of previous federal association. The savings and loan association shall have, hold and enjoy the property mentioned in NRS 673.720 in its own right as fully and to the same extent as the property was possessed, held and enjoyed by it as a federal savings and loan association, and the savings and loan association continues to be responsible for all of the obligations of the federal savings and loan association to the same extent as though the conversion had not taken place. It is expressly declared that the savings and loan association is merely a continuation of the federal savings and loan association under a new name, a new jurisdiction and such revision of its corporate structure as may be considered necessary for its proper operation under the new jurisdiction.
Last modified: February 26, 2006