17:9A-139. Corporate existence; offices; rights and obligations

245 words·~1 min read·/nj/title-17/chapter-9a/17-9a-139

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Upon the merger of 2 or more banks,

(1)the corporate existence of each merging bank shall be merged into that of the receiving bank, and the property and rights of each merging bank shall thereupon vest in the receiving bank without further act or deed;

(2)the receiving bank may, without complying with the requirements of subsection C of section 19, or the requirements of section 20, establish and maintain its principal office and branch offices at the locations specified in the merger agreement;

(3)the rights and obligations of each merging bank shall become the rights and obligations of the receiving bank;

(4)if the receiving bank is a qualified bank, all fiduciary and agency duties and relationships of each merging bank shall vest in the receiving bank and be performed by it in the same manner as though the receiving bank itself originally assumed such fiduciary and agency duties and relationships;

(5)any pending action by or against a merging or receiving bank shall survive the merger and the receiving bank shall be substituted for the merging bank;

(6)the directors named in the agreement of merger shall be the directors of the receiving bank, to serve until the time when a majority of the directors elected at the annual meeting following the effective date of the merger, shall have qualified.

L.1948, c. 67, p. 285, s. 139. Amended by L.1952, c. 220, p. 755, s. 3; L.1965, c. 171, s. 11.