6.1-194.125 - (Repealed effective October 1, 2010) Effect of conversion of state savings bank into federal financial institution.
§ 6.1-194.125. (Repealed effective October 1, 2010) Effect of conversion ofstate savings bank into federal financial institution.
When a conversion as authorized under § 6.1-194.124 becomes effective, thestate savings bank shall cease to be a Virginia corporation and all itsproperty shall by operation of law and without any further act or deedcontinue to be vested in it under its new name as a federal financialinstitution and under its federal charter. The federal financial institutionshall have, hold and enjoy the same in its own right as fully and to the sameextent as the same was possessed, held and enjoyed by it as a state savingsbank. Such federal financial institution, at the time of the taking effectof the conversion, shall become and continue to be responsible for all of theobligations of the state savings bank including taxes and other liabilitiescreated by law or incurred by it before becoming a federal financialinstitution to the same extent as though the conversion had not taken place.
(1991, c. 230.)