17-1738. Merger or consolidation of charitable corporations or associations; effect on gift, devise or bequest to any of original corporations or associations.
17-1738
17-1738. Merger or consolidation of charitable corporations or
associations; effect on gift, devise or bequest to any of original
corporations or associations.
Whenever one or more charitable corporations or associations shall merge
into another such corporation or association or whenever two or more
charitable corporations or associations shall combine or consolidate
operations under a new corporation or association formed to assume the
combined or unified operation and management of said original corporations
or associations, such change of identity and/or mode of operation shall not
cause a lapse of any gift, devise or bequest made or given to said original
corporation or association so merged or consolidated, and said original
corporation or association shall be considered to continue in existence,
whether or not it is still formally in existence and active, for the
purpose of enabling said prior corporation or association to receive or
take any gift, legacy or devise made for its benefit and intended for its
use and purpose the same as though merger, consolidation or other change
had not been effected. Immediately upon the receipt of any such gift,
legacy or devise the proceeds thereof and the title to such property shall
vest in the corporation or association which shall have assumed operating
control or into which the original corporation or corporations or
association or associations shall have been merged or consolidated.
History: L. 1972, ch. 56, § 1; July 1.