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

1. (1) possesses all of the rights, privileges, immunities, and powers of a stock savings bank;
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 bank;
3. (3) succeeds by operation of law to all rights and property of the converting savings bank; and
4. (4) is subject to all debts, obligations, and liabilities of the converting savings bank as if the stock savings bank had incurred the debts and liabilities.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.46.