6.1-194.34 - (Repealed effective October 1, 2010) Effect of conversion of state association or bank into federal savings institution.
§ 6.1-194.34. (Repealed effective October 1, 2010) Effect of conversion ofstate association or bank into federal savings institution.
When such conversion becomes effective, the state association or bank shallcease to be a Virginia corporation and all its property shall by operation oflaw and without any further act or deed continue to be vested in it under itsnew name as a federal savings institution and under its federal charter. Thefederal savings institution shall have, hold and enjoy the same in its ownright as fully and to the same extent as the same was possessed, held andenjoyed by it as a state association or bank. Such federal savingsinstitution, at the time of the taking effect of the conversion, shall becomeand continue responsible for all of the obligations of the state associationor bank including taxes and other liabilities created by law or incurred byit before becoming a federal savings institution to the same extent as thoughthe 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.)