NRS 673.640 When supervision as state savings bank ceases; when property and assets vest in converted entity; enjoyment of property by converted entity.
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NRS 673.640 When supervision as state savings bank ceases; when property and assets vest in converted entity; enjoyment of property by converted entity.
1. At the time when the conversion becomes effective, the savings bank shall cease to be supervised by this state pursuant to this chapter, but shall continue as a body corporate converted pursuant to the provisions of the Home Owners’ Loan Act of 1933, the National Bank Act or chapters 657 to 671 , inclusive, of NRS, as applicable, and subject to examination and regulation pursuant to the act or title, as applicable.
2. All the property of the savings bank, including all its right, title and interest in and to all property of whatever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value of benefit then existing, belonging or pertaining to it, or which would inure to it, shall immediately by operation of law, and without any conveyance or transfer, and without any further act or deed be vested in and become the property of the federal savings bank, national bank or state bank, as applicable.
Such institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the savings bank.
3. The federal savings bank, national bank or state bank, as applicable, as of the time of taking effect of such conversion shall succeed to all the rights, obligations and relations of the savings bank.
CONVERSION OF FEDERAL SAVINGS BANK OR STATE OR NATIONAL BANK