6.1-194.128 - (Repealed effective October 1, 2010) Effect of conversion of federal financial institution into state savings bank on property rights, obligations, etc. - Virginia Statutes

§ 6.1-194.128. (Repealed effective October 1, 2010) Effect of conversion offederal financial institution into state savings bank on property rights,obligations, etc.

As soon as the certificate of authority to do business has been granted andits dissolution as a federal financial institution has become effective, allthe property of the federal financial institution shall by operation of lawand without any further act or deed, be vested in and become the property ofthe state savings bank, which shall have, hold and enjoy the same in its ownright as fully and to the same extent as the same was possessed, held orenjoyed by the federal financial institution. The state savings bank shallbecome and continue to be responsible for all the obligations, duties andagreements of the federal financial institution including taxes and otherliabilities created by law or incurred by it before becoming a state savingsbank to the same extent as though the conversion had not taken place. Uponsuch conversion, the state savings bank shall have the right to continue tooperate all branch offices then in existence without having to obtain theapproval of the Commission pursuant to § 6.1-194.119.

(1991, c. 230.)