Sec. 7. Upon the conversion of a credit union, the resulting mutual bank: (1) possesses all of the rights, privileges, immunities, and powers of a mutual bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a mutual bank; (3) succeeds by operation of law to all rights and property of the converting credit union; and (4) is subject to all debts, obligations, and liabilities of the converting credit union as if the mutual bank had incurred the debts and liabilities.
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