§ 15305
89 words·~1 min read·
/ca/financial-code/15305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
At the time the conversion into a federal credit union becomes effective, the credit union ceases to be supervised by this state and all of the property of the credit union, including all of its right, title, and interest in and to all property of every kind and character immediately, by operation of law and without any conveyance, or transfer and without any further act or deed, is vested in the credit union under its new name and style as a federal credit union and under its new jurisdiction.