17:9A-205. Corporate existence; offices; rights and obligations
237 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Upon the merger of two or more savings banks
(1)the corporate existence of each merging savings bank shall be merged into that of the receiving savings bank, and the property and rights of each merging savings bank shall thereupon vest in the receiving savings bank without further act or deed;
(2)the receiving savings bank may, upon complying with the requirements of section 202, 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 savings bank shall become the rights and obligations of the receiving savings bank;
(4)if the receiving savings bank is a qualified bank, all fiduciary and agency duties and relationships of each merging savings bank shall vest in the receiving savings bank and be performed by it in the same manner as though the receiving savings bank had itself originally assumed such fiduciary and agency duties and relationships;
(5)any pending action by or against a merging or receiving savings bank shall survive the merger and the receiving savings bank shall be substituted for the merging savings bank.
B. As used in this section,
(1)"merging savings bank" shall mean a savings bank which is merged into another savings bank;
(2)"receiving savings bank" shall mean a savings bank into which one or more other savings banks are merged.
L.1948, c. 67, p. 344, s. 205.