California Financial Code

§ 4950

FIN § 4950Div. 1.6 · Ch. 5 · Art. 2

Statute text

When a conversion becomes effective:

(a)The converting depository corporation shall cease to exist.

(b)The resulting depository corporation shall succeed, without other transfer, to all the rights and property of the converting depository corporation and shall be subject to all the debts and liabilities of the converting depository corporation in the same manner as if the resulting depository corporation had itself incurred them.

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Legislative history

Added by Stats. 1982, Ch. 1411, Sec. 3.