§ 6.1-194.125. Effect of conversion of state savings bank into federal financial institution
When a conversion as authorized under § 6.1-194.124 becomes effective, the state savings bank shall cease to be a Virginia corporation and all its property shall by operation of law and without any further act or deed continue to be vested in it under its new name as a federal financial institution and under its federal charter. The federal financial institution 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 it as a state savings bank. Such federal financial institution, at the time of the taking effect of the conversion, shall become and continue to be responsible for all of the obligations of the state savings bank including taxes and other liabilities created by law or incurred by it before becoming a federal financial institution to the same extent as though the conversion had not taken place.
(1991, c. 230.)
Sections: Previous 6.1-194.119 6.1-194.120 6.1-194.121 6.1-194.122 6.1-194.123 6.1-194.123:1 6.1-194.124 6.1-194.125 6.1-194.126 6.1-194.127 6.1-194.128 6.1-194.129 6.1-194.130 6.1-194.131 6.1-194.132 NextLast modified: April 16, 2009