6.1-194.37 - (Repealed effective October 1, 2010) Effect of conversion of federal savings institution into state association or state bank on property rights, obligations, etc.
§ 6.1-194.37. (Repealed effective October 1, 2010) Effect of conversion offederal savings institution into state association or state bank on propertyrights, obligations, etc.
As soon as the certificate of authority to do business has been granted andits dissolution as a federal savings institution has become effective, allthe property of the federal savings institution shall by operation of law andwithout any further act or deed, be vested in and become the property of thestate association or state bank, which shall have, hold and enjoy the same inits own right as fully and to the same extent as the same was possessed, heldor enjoyed by the federal savings institution. The state association or statebank shall become and continue responsible for all the obligations, dutiesand agreements of the federal savings institution including taxes and otherliabilities created by law or incurred by it before becoming a stateassociation or state bank to the same extent as though the conversion had nottaken 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.)