16-1a-709. Required notice or approval -- Effect of merger on property and gifts.
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Effective 10/1/2026
16-1a-709. Required notice or approval -- Effect of merger on property and gifts.
(1)A domestic entity or a foreign entity that is required under this part to give notice to, or obtain the approval of, a government agency or a government officer of this state in order to be a party to a merger shall also give the notice or obtain the required approval when the domestic entity or foreign entity becomes a party to an interest exchange, a conversion, or a domestication.
(2)A domestic entity or a foreign entity that holds property for a charitable purpose under the law of this state at the time a transaction governed by this part occurs shall retain possession of the property to the extent permitted under law.
(3)A bequest, devise, gift, or promise contained in a will or other instrument of donation or conveyance that a person makes to an acquired entity that takes effect remains payable after the merger to the acquiring entity.
(4)An acquired entity's trust obligation transfers to the acquiring entity after a merger.
Enacted by Chapter 93 , 2026 General Session