§ 6.1-194.128. Effect of conversion of federal financial institution into state savings bank on property rights, o...
As soon as the certificate of authority to do business has been granted and its dissolution as a federal financial institution has become effective, all the property of the federal financial institution shall by operation of law and without any further act or deed, be vested in and become the property of the state savings bank, which shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held or enjoyed by the federal financial institution. The state savings bank shall become and continue to be responsible for all the obligations, duties and agreements of the federal financial institution including taxes and other liabilities created by law or incurred by it before becoming a state savings bank to the same extent as though the conversion had not taken place. Upon such conversion, the state savings bank shall have the right to continue to operate all branch offices then in existence without having to obtain the approval of the Commission pursuant to § 6.1-194.119.
(1991, c. 230.)
Sections: Previous 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 6.1-194.133 6.1-194.134 6.1-194.135 NextLast modified: April 16, 2009