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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

previous next Effective - 28 Aug 1988bottom

  370.357.  Effect of merger or consolidation. — When the merger or consolidation has been effected:

  (1)  The several credit unions parties to the plan of merger or consolidation shall be a single credit union which, in the case of a merger, shall be that credit union designated in the plan of merger as the surviving credit union, and, in the case of consolidation, shall be the new credit union provided for in the plan of consolidation;

  (2)  The separate existence of all credit union parties to the plan of merger or consolidation, except the surviving or new credit union, shall cease;

  (3)  The surviving or new credit union shall have all the rights, privileges, immunities, and powers, and shall be subject to all the duties and liabilities of a new credit union;

  (4)  The surviving or new credit union shall thereupon and thereafter possess all the rights, privileges, immunities, and franchises of each of the merging or consolidating credit unions; and all property, real, personal, and mixed, and all debts due on whatever account, loans, and all other choses in action, and all and every other interest of or belonging to or due to each of the credit unions so merged or consolidated, shall be taken and deemed to be transferred to and vested in the single credit union, without further act or deed; and the title to any real estate, or any interest therein, under the laws of this state, vested in any of the credit unions, shall not revert or be in any way impaired by reason of the merger or consolidation;

  (5)  The surviving or new credit union shall thenceforth be responsible and liable for all the liabilities and obligations of each of the credit unions so merged or consolidated; and any claim existing or action or proceeding pending by or against any of such credit unions may be prosecuted to judgment as if the merger or consolidation had not taken place, or the surviving or new credit union may be substituted in its place; neither the rights of creditors nor any liens upon the property of any of the corporations shall be impaired by the merger or consolidation;

  (6)  In case of a merger, the articles of agreement and the bylaws of the surviving credit union shall be deemed to be amended to the extent, if any, that changes in its articles are stated in the articles of merger; and, in the case of a consolidation, the statement set forth in the articles of consolidation, and which are required or permitted to be set forth in the bylaws of credit unions, shall be deemed to be the articles of agreement of the new credit union.

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(L. 1955 p. 254 § 370.356, A.L. 1988 H.B. 1097)


---- end of effective   28 Aug 1988 ----

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