Section 393:49 Previous Conversion. - New Hampshire Statutes

Any building and loan association or cooperative bank, which has heretofore converted itself into a federal savings and loan association under the provisions of the Federal Home Owners' Loan Act of 1933 and has received a charter from the Office of Thrift Supervision, shall hereafter be recognized as a federal savings and loan association, and its federal charter shall be given full credence by the courts of this state to the same extent as if such conversion had taken place under the provisions of this subdivision; provided, however, that the foregoing requirements with respect to the filing with the bank commissioner of a copy of the federal charter or a certificate showing the organization of such association as a federal savings and loan association shall be complied with. All such conversions are hereby ratified and confirmed, and all the obligations of such an association which has so converted shall continue as valid and subsisting obligations of such federal savings and loan association, and the title to all of the property of such an association shall be deemed to have continued and vested, as of the date of the issuance of such federal charter, in such federal savings and loan association as fully and completely as if such conversion had taken place since the enactment of this subdivision pursuant thereto.

Source. 1949, 168:1, par. 45. RSA 393:49. 1991, 107:6, eff. July 12, 1991.