(a) When a merger governed by this chapter takes effect:
(1) Every other corporation or entity party to the merger merges into the surviving corporation or entity and the separate existence of every corporation except the surviving corporation or entity ceases;
(2) The title to all real estate and other property owned by, and every contract right possessed by, each corporation or entity party to the merger is vested in the surviving corporation or entity without reversion or impairment, without further act or deed, and without any conveyance, transfer, or assignment having occurred, subject to any and all conditions to which the property was subject prior to the merger;
(3) The surviving corporation or entity has all liabilities and obligations of each corporation or entity party to the merger;
(4) A proceeding pending against any corporation or entity party to the merger may be continued as if the merger did not occur or the surviving corporation or entity may be substituted in the proceeding for the corporation or entity whose existence ceased; and
(5) The articles of incorporation and bylaws or governing agreements of the surviving corporation or entity are amended to the extent provided in the plan of merger.
(b) For purposes of this Code section, the definitions contained in Code Section 14-3-1108 shall be applicable.
Section: Previous 14-3-1101 14-3-1102 14-3-1103 14-3-1104 14-3-1104.1 14-3-1105 14-3-1106 14-3-1107 14-3-1108 NextLast modified: October 14, 2016