When state supervision ceases; when property and assets vest in association under new name and style; enjoyment of property by converted association.
1. At the time when the conversion becomes effective, the company, association or corporation shall cease to be supervised by this state, but shall continue as a body corporate converted pursuant to the provisions of the Home Owners’ Loan Act of 1933 and subject to examination and regulation pursuant to that act.
2. All the property of the state company, association or corporation, including all its right, title and interest in and to all property of whatever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value of benefit then existing, belonging or pertaining to it, or which would inure to it, shall immediately by operation of law, and without any conveyance or transfer, and without any further act or deed be vested in and become the property of the federal savings and loan association. The federal savings and loan association shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the state company, association or corporation.
3. The federal savings and loan association as of the time of taking effect of such conversion shall succeed to all the rights, obligations and relations of the state company, association or corporation.
Last modified: February 26, 2006