(1) The powers, rights, duties, privileges, and obligations of every association organized
and doing business in a form similar to that authorized by this chapter 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 organized and
incorporated under or pursuant to its provisions, and the articles of incorporation,
bylaws, and rules of each heretofore made or existing are hereby modified, altered,
and amended to conform with the provisions of this chapter, and the same are declared
void where the articles of incorporation, bylaws, or rules are inconsistent with its
provisions; except that the obligations of any existing association, whether between
the association and its shareholders or any one of them or any other person or persons
or any valid contract between the shareholders of the association existing on May
1, 1927, shall not be in any way impaired by the provisions of this chapter.
(2) With these exceptions every building and loan association shall possess the powers,
rights, duties, and privileges and be subject to the obligations, restrictions, and
liabilities conferred and imposed by this chapter, notwithstanding anything to the
contrary in its articles of incorporation, bylaws, or rules.
(3) All obligations to the association heretofore contracted shall be enforceable
by it and in its name, and demands, claims, and rights of action against the association
shall be enforced against it as fully and completely as they might have been enforced
(4) Except as above set forth, on and after September 7, 1927, no domestic or foreign
association engaged as of March 7, 1927, in the business of a building and loan association
or a business of like character shall be permitted to conduct that business in this
state unless it complies in every respect with the provisions of this chapter.
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