Texas Finance Code 62.454 – Effect of Merger
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(a) A merger takes effect on the date the last required certificate of merger is issued.
(b) After the merger takes effect:
(1) a corporation that was merged ceases to exist;
(2) the association assumes the rights and obligations of the corporation and owns the property of the association; and
(3) the association’s articles of incorporation are considered amended to the extent that a change is stated in the plan of merger.
Terms Used In Texas Finance Code 62.454
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: means real and personal property. See Texas Government Code 311.005