§ 6.1-194.37. Effect of conversion of federal savings institution into state association or state bank on propert...
As soon as the certificate of authority to do business has been granted and its dissolution as a federal savings institution has become effective, all the property of the federal savings institution shall by operation of law and without any further act or deed, be vested in and become the property of the state association or state 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 savings institution. The state association or state bank shall become and continue responsible for all the obligations, duties and agreements of the federal savings institution including taxes and other liabilities created by law or incurred by it before becoming a state association or state bank to the same extent as though the conversion had not taken place.
(Code 1950, §§ 6-201.47, 6.1-177, 6.1-195.56; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1985, c. 425; 1995, c. 133.)
Sections: Previous 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 6.1-194.42 6.1-194.43 6.1-194.44 NextLast modified: April 2, 2009