NRS 673.055

Savings associations automatically converted into savings banks; issuance by Commissioner of savings bank charters to converted entities; rights, powers, privileges, immunities and exceptions provided to converted entities

(Added to NRS by 2017, 1921)

1. Every savings association chartered under the laws of this State in existence on June 3, 2017, is automatically converted, by operation of law, into a savings bank licensed under the laws of this State. The Commissioner shall issue a savings bank charter to each such entity immediately after June 3, 2017.

2. Every savings bank that is converted from a savings association pursuant to subsection 1 shall have all of the rights, powers, privileges, immunities and exceptions provided by this chapter to a savings bank.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.