At the effective time of a charter conversion under this chapter, the resulting credit union:

1. (1) possesses all of the rights, privileges, immunities, and powers of a credit union;
2. (2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a credit union;
3. (3) succeeds by operation of law to all rights and property of the converting mutual savings bank;
4. (4) is subject to all debts, obligations, and liabilities of the converting mutual savings bank as if the credit union had incurred the debts, obligations, and liabilities; and
5. (5) may retain the borrowers and depositors of the converting mutual savings bank as members of the credit union.

As added by P.L.1-2006, SEC.492.