Sec. 12. At the effective time of the charter conversion, the resulting stock savings bank: (1) possesses all of the rights, privileges, immunities, and powers of a stock savings bank; (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) succeeds by operation of law to all rights and property of the converting savings bank; and (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.
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