Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1708. Effect of filing of articles of conversion in Department of State and of certificate of conversion

(a) Effective date--As of the filing of the articles of conversion in the Department of State, the conversion shall become effective.

(b) Conclusiveness of certificate--The certificate of conversion shall be conclusive evidence of the performance of all conditions required by this act for conversion of a national bank or interstate bank into an institution, except as against the Commonwealth.

(c) Corporate succession--When a conversion becomes effective, the existence of the national bank or interstate bank shall continue in the resulting institution which shall have, without further act or deed, all the property, rights, powers, duties and obligations of the national bank.

(d) Articles of resulting institution--The articles of the resulting institution shall be the provisions stated in the articles of conversion.

(e) Authorized business--The resulting institution shall have the authority to engage only in such business and exercise only such powers as it would have upon original incorporation under this act and shall be subject to the same prohibitions and limitations as it would be subject to upon original incorporation.

(f) Liabilities--No liability of the national bank or interstate bank or of its shareholders, directors or officers shall be affected, nor shall any lien on any property of the national bank or interstate bank be impaired, by the conversion. Any claim existing or action pending by or against the national bank or interstate bank may be prosecuted to judgment as if the conversion had not taken place or the resulting institution may be substituted in its place.