Rights and obligations upon conversion

Sec. 5. Upon conversion, the new state bank or new savings association: (1) has all the rights, privileges, immunities, and powers of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; (2) is subject to all the duties, restrictions, penalties, and liabilities of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; and (3) is governed by IC 28-13. As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.75.