Texas Finance Code

§ 92.454 — EFFECT OF MERGER

FI § 92.454Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. J. MERGER OF SUBSIDIARY CORPORATION

Statute text

View on source

(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 savings bank assumes the rights and obligations of the corporation and owns the property of the corporation; and

(3)the savings bank'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.