38.2-1005.1:6 - Corporate existence - Virginia Statutes

§ 38.2-1005.1:6. Corporate existence.

A. Upon conversion of a mutual company to a converted company in accordancewith the provisions of this article, the corporate existence of the mutualcompany shall be continued in the converted company with the original date ofincorporation of the mutual company. All rights, franchises and interests ofthe mutual company in and to any type of property, real, personal, mixed,tangible or intangible, held immediately prior to the effective date of theconversion shall be deemed transferred to and vested in the converted companywithout further act or deed. Simultaneously, the converted company shall bedeemed to have assumed all obligations and liabilities of the mutual companythat existed immediately prior to the conversion.

B. Unless otherwise provided in the plan of MHC conversion, the directors andofficers of the mutual company shall serve as the directors and officers ofthe converted company until new directors and officers of the convertedcompany are elected in accordance with the articles of incorporation andbylaws of the converted company.

(2001, c. 726.)