Texas Finance Code

§ 62.454 — EFFECT OF MERGER

FI § 62.454Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part B. SAVINGS AND LOAN ASSOCIATIONS · Ch. 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. J. MERGER OF SUBSIDIARY CORPORATION

Statute text

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(a)A merger takes effect on the date the last required certificate of merger is issued.

(b)After the merger takes effect:

(1)a corporation that was merged ceases to exist;

(2)the association assumes the rights and obligations of the corporation and owns the property of the association; and

(3)the association's articles of incorporation are considered amended to the extent that a change is stated in the plan of merger.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.