| (1) |
When a merger becomes effective:
| (a) |
the surviving entity continues or comes into existence; |
| (b) |
each merging entity that is not the surviving entity ceases to exist; |
| (c) |
all property of each merging entity vests in the surviving entity without transfer, reversion, or impairment; |
| (d) |
all debts, obligations, and other liabilities of each merging entity are debts, obligations, and other liabilities of the surviving entity; |
| (e) |
except as otherwise provided by law or the plan of merger, all the rights, privileges, immunities, powers, and purposes of each merging entity vest in the surviving entity; |
| (f) |
if the surviving entity exists before the merger:
| (i) |
all its property continues to be vested in it without transfer, reversion, or impairment; |
| (ii) |
it remains subject to all its debts, obligations, and other liabilities; and |
| (iii) |
all its rights, privileges, immunities, powers, and purposes continue to be vested in it; |
|
| (g) |
the name of the surviving entity may be substituted for the name of any merging entity that is a party to any pending action or proceeding; |
| (h) |
if the surviving entity exists before the merger:
| (i) |
its public organic record, if any, is amended as provided in the statement of merger; and |
| (ii) |
its private organic rules that are to be in a record, if any, are amended to the extent provided in the plan of merger; |
|
| (i) |
if the surviving entity is created by the merger:
| (i) |
its public organic record, if any, is effective; and |
| (ii) |
its private organic rules are effective; and |
|
| (j) |
the interests in each merging entity which are to be converted in the merger are converted, and the interest holders of those interests are entitled only to the rights provided to them under the plan of merger and to any appraisal rights they have under Section 48-2e-1108 and the merging entity's organic law. |
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