16:1-43.8. Vested rights and privileges of constituent corporations; continuation of corporate existence
114 words·~1 min read·
/nj/title-16/chapter-1/16-1-43-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Nothing herein contained shall impair, annul or affect any vested rights, charter rights, privileges, exemptions, immunities, powers, prerogatives, franchises or advantages heretofore obtained and actually used or enjoyed by either constituent corporation under authority of any act of this State.
Neither constituent corporation shall be dissolved nor shall its existence be terminated by reason of the consolidation, but it shall continue to exist in the consolidated corporation, which shall succeed to and continue to have and enjoy unimpaired the several rights, charter rights, privileges, exemptions, immunities, powers, prerogatives, franchises and advantages of the constituent corporations, consistently with the provisions of this act and of the consolidation agreement.
L.1944, c. 143, p. 386, s. 8.