Effect of consolidation of banks.
1. When an agreement of consolidation is made and a certified copy thereof is filed with the Secretary of State, together with a certified copy of the approval of the Commissioner of the consolidation, the banks which are parties to the consolidation become one bank, possessed of the rights, privileges, powers and franchises of the several banks, but subject to all the provisions of law under which it is created.
2. The directors and other officers named in the agreement of consolidation shall serve until the first annual meeting for election of officers and directors, the date for which must be named in the agreement.
3. On filing such agreement, the property and rights of every kind of the several banks are thereby transferred and vested in such new bank, and are as fully its property as they were of the banks which were parties to the agreement.
Last modified: February 26, 2006