Upon conversion, the new state bank or new savings association:

1. (1) has all the rights, privileges, immunities, and powers of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15 ;
2. (2) is subject to all the duties, restrictions, penalties, and liabilities of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15 ; and
3. (3) is governed by IC 28-13 .

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.75.