Sec. 33-1159b. Abandoned merger.
Sec. 33-1159b. Abandoned merger. (a) Unless otherwise provided in a plan of
merger, after the plan has been adopted and approved as required by sections 33-1155
to 33-1158, inclusive, and at any time before the merger has become effective, the
merger may be abandoned by any party thereto without action by the party's members
in accordance with any procedures set forth in the plan of merger or, if no such procedures
are set forth in the plan, in the manner determined by the board of directors of the
corporation, subject to any contractual rights of other parties to the merger.
(b) If a merger is abandoned under subsection (a) of this section after a certificate
of merger has been filed with the Secretary of the State but before the merger has become
effective, a statement that the merger has been abandoned in accordance with this section, executed on behalf of a party to the merger by an officer or other duly authorized
representative of such party, shall be delivered to the Secretary of the State for filing
prior to the effective date of the merger. Any such statement shall contain the name of
each party to the merger, the date the merger was to become effective and the date the
merger was abandoned. Upon filing, the statement shall take effect and the merger shall
be deemed abandoned and shall not become effective.
(P.A. 03-18, S. 46.)
History: P.A. 03-18 effective July 1, 2003.