Upon the conversion of a federal association into a territorial Savings and Loan Association the corporate existence of such federal association shall not terminate but such territorial association shall be deemed to be a continuation of the entity of the federal association so converted, and all property of the converted association, including its right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action and every right, privilege, interest, value or benefit then existing or pertaining to it, or which would inure to it, shall immediately by act of law and without any conveyance or transfer and without any further act or deed remain and be vested in and continue to be the property of the territorial association into which the federal association has converted itself. Such territorial association shall have, hold and enjoy the same in its own right as fully and to the same extent as same was possessed, held and enjoyed by the converting association, and such territorial association as of the time of the taking effect of such conversion shall continue to have and succeed to all of the rights, obligations and relations of the converting association. All pending actions and judicial proceedings to which the converting association is a party shall not be deemed to have abated or to have discontinued by reason of such conversion but may be prosecuted to final judgment, order or decree in the same manner as if such conversion into such territorial association had not been made and such territorial association resulting from such conversion may continue such action in its corporate name as a territorial association, and any judgment, order or decree may be rendered for or against it, which might have been rendered for or against the converting association in any judicial proceedings.