Section 450.2721 - Effect of merger or consolidation.
NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2721 Effect of merger or consolidation.
Sec. 721.
When a merger or consolidation has been effected:
(a) The corporations parties to the plan of merger or consolidation shall be a single corporation, which in a merger is that corporation designated in the plan of merger as the surviving corporation, and in a consolidation is the new corporation provided for in the plan of consolidation.
(b) The separate existence of corporations parties to the plan of merger or consolidation, except the surviving or new corporation, shall cease.
(c) The surviving or new corporation has all the rights, privileges, immunities, and powers and is subject to all the duties and liabilities of a corporation organized under this act.
History: 1982, Act 162, Eff. Jan. 1, 1983