81-12-203 - Applicability of chapter to previously incorporated savings associations; enforceability of obligations of such associations.
§ 81-12-203. Applicability of chapter to previously incorporated savings associations; enforceability of obligations of such associations.
(1) The name, rights, powers, privileges and immunities of every savings association heretofore incorporated in this state shall be governed by the provisions of this chapter to the same extent and effect as if such association had been incorporated pursuant hereto. Every such association shall possess the rights, powers, privileges and immunities and shall be subject to the duties, liabilities, disabilities and restrictions conferred and imposed by this chapter, notwithstanding anything to the contrary in its certificates of incorporation, bylaws, constitution or rules.
(2) All obligations to any such association heretofore contracted shall be enforceable by it and in its name, and demands, claims and rights of action against any such association may be enforced against it as fully and completely as they could have been enforced heretofore.
Sources: Laws, 1977, ch. 445, § 63; reenacted, 1982, ch. 301, § 102; Laws, 1990 Ex Sess, ch. 52, § 105; Laws, 1993, ch. 441, § 106; Laws, 1994, ch. 622, § 138; reenacted without change, Laws, 1997, ch. 496, § 103; reenacted without change, Laws, 2001, ch. 488, § 105, eff from and after July 1, 2001.