17-1738.   Merger or consolidation of charitable corporations orassociations; effect on gift, devise or bequest to any of originalcorporations or associations.Whenever one or more charitable corporations or associations shall mergeinto another such corporation or association or whenever two or morecharitable corporations or associations shall combine or consolidateoperations under a new corporation or association formed to assume thecombined or unified operation and management of said original corporationsor associations, such change of identity and/or mode of operation shall notcause a lapse of any gift, devise or bequest made or given to said originalcorporation or association so merged or consolidated, and said originalcorporation or association shall be considered to continue in existence,whether or not it is still formally in existence and active, for thepurpose of enabling said prior corporation or association to receive ortake any gift, legacy or devise made for its benefit and intended for itsuse and purpose the same as though merger, consolidation or other changehad not been effected. Immediately upon the receipt of any such gift,legacy or devise the proceeds thereof and the title to such property shallvest in the corporation or association which shall have assumed operatingcontrol or into which the original corporation or corporations orassociation or associations shall have been merged or consolidated.

      History:   L. 1972, ch. 56, § 1; July 1.