6-497. Effect on existing associations
With respect to any existing association:
1. The valid articles of incorporation, bylaws, shares, contracts and obligations
of such association shall continue in full force and effect; but the association shall be
operated and regulated in accordance with the provisions of this chapter.
2. If the association accepts the benefits of, or avails itself of the powers given
by, this chapter, the association shall be subject to the provisions and requirements of
this chapter in every particular, as if the association had been organized under this
chapter.
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