Oklahoma § 18-438.19 - Effect of consolidation or merger

§ 18-438.19. Effect of consolidation or merger

(a) In the case of a consolidation the existence of the

consolidating cooperative shall cease and the articles of

consolidation shall be deemed to be the articles of incorporation of

the new cooperative; and in the case of a merger the separate

existence of the merging cooperatives shall cease and the articles

of incorporation of the surviving cooperative shall be deemed to be

amended to the extent, if any, that changes therein are provided for

in the articles of merger;

(b) All the rights, privileges, immunities and franchises and

all property, real and personal, including without limitation

applications for membership, all debts due on whatever account and

all other choses in action, of each of the consolidating or merging

Oklahoma Statutes - Title 18. Corporations

cooperatives shall be deemed to be transferred to and vested in the

new or surviving cooperative without further act or deed;

(c) The new or surviving cooperative shall be responsible and

liable for all the liabilities and obligations of each of the

consolidating or merging cooperatives and any claim existing or

action or proceeding pending by or against any of the consolidating

or merging cooperatives may be prosecuted as if the consolidation or

merger had not taken place, but the new or surviving cooperative may

be substituted in its place; and

(d) Neither the rights of creditors nor any liens upon the

property of any of such cooperatives shall be impaired by such

consolidation or merger.

Laws 1953, p. 489, § 19.