Rights, privileges, authorizations, and obligations

Sec. 11. At the effective time of the conversion of a mutual savings association into a credit union under this chapter, the resulting credit union: (1) possesses all of the rights, privileges, immunities, and powers of a credit union; (2) unless otherwise provided in this chapter, is subject to all of the statutes, rules, duties, restrictions, obligations, and liabilities of a credit union; (3) succeeds by operation of law to all rights and property of the converting savings association; (4) is subject to all debts, obligations, and liabilities of the converting savings association as if the credit union had incurred the debts, obligation, and liabilities; and (5) may retain the borrowers and depositors of the converting savings association as members of the credit union. As added by P.L.1-2006, SEC.491.