Texas Statutes (Last Updated: January 4, 2014) |
FINANCE CODE |
Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
Subtitle B. SAVINGS AND LOAN ASSOCIATIONS |
Chapter 62. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS |
Subchapter J. MERGER OF SUBSIDIARY CORPORATION |
Sec. 62.454. EFFECT OF MERGER
Latest version.
-
(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.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.