California Financial Code

§ 5707

FIN § 5707Div. 2 · Ch. 2 · Art. 6

Statute text

The converted federal association shall have, hold, and enjoy the property mentioned in Section 5706 in its own right as fully and to the same extent as the property was possessed, held, and enjoyed by it as a state association and the federal association shall continue to be responsible for all of the obligations of the converted state association to the same extent as though the conversion had not taken place. The federal association is merely a continuation of the state association under a new name and new jurisdiction and the revision of its corporate structure as is considered necessary for its proper operation under the new jurisdiction.

Legislative history

Added by Stats. 1983, Ch. 1091, Sec. 2.