§ 5-629. Effect of consolidation or merger
West's Annotated Code of MarylandCorporations and Associations
MD Code, Corporations and Associations, § 5-629
§ 5-629. Effect of consolidation or merger
(b) The separate existence of each cooperative party to the articles of consolidation or merger, except the successor, ceases.
(c)(1) In a consolidation, the articles of consolidation shall be deemed to be the articles of incorporation of the successor.
(d) The rights, privileges, immunities, and assets, including applications for membership, of each of the consolidating or merging cooperatives transfer to and vest in the successor without further act or deed.
(e)(1) The successor is liable for all the debts, obligations, and liabilities of each consolidating or merging cooperative.
(2) An existing claim, action, or proceeding pending by or against a consolidating or merging cooperative may be prosecuted to judgment as if the consolidation or merger had not taken place, or, on motion of the successor or any party, the successor may be substituted as a party and a judgment against the consolidating or merging cooperative constitutes a lien on the property of the successor.
Credits
Added by Acts 2002, c. 135, § 3, eff. Oct. 1, 2002.
MD Code, Corporations and Associations, § 5-629, MD CORP & ASSNS § 5-629
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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