§ 259. Status, rights, liabilities, of constituent and surviving or resulting corporations following merger or consolidation

  1. Upon the effectiveness of the merger or consolidation, “the separate existence of all the constituent corporations .. shall cease,” and the surviving or resulting corporation, as the case may be, shall have all the rights and obligations of the constituent corporations.
  2. In the case of a merger of banks or trust companies serving in a fiduciary capacity, any party in interest may apply to an appropriate court for a determination whether a new and different fiduciary should be appointed.
Previous: § 254 - §258: Mergers of Nonstock Corporations and Joint Stock Associations
Next: § 260. Powers of corporation surviving or resulting from merger or consolidation; issuance of stock, bonds or other indebtedness