At the effective time of the charter conversion, the resulting stock savings association:

1. (1) possesses all of the rights, privileges, immunities, and powers of a stock savings association;
2. (2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a stock savings association;
3. (3) succeeds by operation of law to all rights and property of the converting savings association; and
4. (4) is subject to all debts, obligations, and liabilities of the converting savings association as if the stock savings association had incurred the debts and liabilities.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.56.