17-4667.   Same; effect.(a) In the case of a consolidation, the existence of theconsolidating cooperatives shall cease and the articles of consolidation shallbe deemed to be the articles of incorporation of the new cooperative. In caseof a merger, the separate existence of the merging cooperatives shall cease andthe articles of incorporation of the surviving cooperatives shall be amended tothe extent, if any, that changes therein are necessary in the articles ofmerger.

      (b)   All the rights, privileges, immunities and franchises and all property,real and personal, including applications for membership, all debts due onwhatever account and all other choses in action, of each consolidating ormerging cooperative shall be deemed to be transferred to and vested in the newor surviving cooperative without further act or deed.

      (c)   The new or surviving cooperative shall be responsible and liable for allliabilities and obligations of each consolidating or merging cooperative andany claim existing or action or proceeding pending by or against any of theconsolidating or merging cooperatives may be prosecuted as if the consolidationor merger had not taken place, but the new or surviving cooperative may besubstituted in its place.

      (d)   Neither the rights of creditors nor any liens upon the property of anysuch cooperative shall be impaired by such consolidation or merger.

      History:   L. 2003, ch. 81, § 16; July 1.