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Financial Institutions Act | |
Savings and Loan Associations Act | |
Section 43 | Previously incorporated associations. |
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7-7-43. Previously incorporated associations. (1) The name, rights, powers, privileges, and immunities of every association incorporated in this state before the effective date of this act shall be governed, controlled, construed, extended, limited, and determined by the provisions of this chapter to the same extent and effect as if the association had been incorporated under this chapter. The articles of incorporation, certificate of incorporation, or charter, however entitled, bylaws and constitution, or other rules of every such association made or existing before the effective date of this act are hereby modified, altered, and amended to conform to the provisions of this chapter, with or without the issuance or approval by the commissioner of conformed copies of such documents, and are declared void to the extent that they are inconsistent with the provisions of this chapter; except, that the obligations of any such pre-existing association, whether between the association and its members or stockholders, or any of them, or any other person or persons, and any valid contracts between the members or stockholders of any such association, or between the association and any other person or persons, existing at the time this act takes effect, may not in any way be impaired by the provisions of this chapter. With these exceptions, every association incorporated before the effective date of this act 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 certificate of authority, certificate of incorporation, bylaws, constitution, or rules. (2) All obligations to any association incorporated before the effective date of this act contracted before the effective date of this act shall be enforceable by it and in its name, and demands, claims, and rights of action against the association may be enforced against it as fully and completely as they could have been enforced in the absence of this chapter.
Amended by Chapter 378, 2010 General Session |
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