§ 6.1-194.34. Effect of conversion of state association or bank into federal savings institution
When such conversion becomes effective, the state association or 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 savings institution and under its federal charter. The federal savings 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 association or bank. Such federal savings institution, at the time of the taking effect of the conversion, shall become and continue responsible for all of the obligations of the state association or bank including taxes and other liabilities created by law or incurred by it before becoming a federal savings institution to the same extent as though the conversion had not taken place.
(Code 1950, §§ 6-201.44, 6.1-174, 6.1-195.53; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1985, c. 425; 1995, c. 133.)
Sections: Previous 6.1-194.28 6.1-194.29 6.1-194.30 6.1-194.31 6.1-194.32 6.1-194.32:1 6.1-194.33 6.1-194.34 6.1-194.35 6.1-194.36 6.1-194.37 6.1-194.38 6.1-194.39 6.1-194.40 6.1-194.41 NextLast modified: April 2, 2009