6-216. Continuation of business and corporate
entity
A resulting state bank shall be considered the same business and corporate entity as
each merging bank or converting bank. All rights of property, franchises and interests
of each merging bank or the converting bank shall be transferred to and vested in the
resulting state bank by virtue of such merger or conversion without any deed or other
transfer. The resulting state bank, without any order or other action on the part of any
court, shall hold and enjoy all rights of property, franchises and interests, including
appointments, designations and nominations, and all other rights and interests as
trustee, executor, administrator, conservator, guardian, registrar of stocks and bonds,
assignee, receiver and in every other fiduciary capacity, in the same manner and to the
same extent as such rights, franchises and interests were held or enjoyed by any one of
the merging banks or the converting bank at the time of the merger or conversion. Any
reference to the merging bank or converting bank in any contract, will or other document,
whether executed or effective before or after the merger or conversion, shall be a
reference to the resulting bank.
|