Code of Virginia § 13.1-1099.19. Effect of merger.
351 words·~2 min read·
/va/title-13-1/chapter-12/13-1-1099-19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When a merger under § 13.1-1099.16 becomes effective, in addition to the effects stated in § 13.1-1073 :
1. As provided in the plan of merger, each protected series of each merging company which was established before the merger:
a. Is a relocated protected series or continuing protected series; or
b. Is dissolved, wound up, and canceled;
2. Any protected series to be established as a result of the merger is established;
3. Any relocated protected series or continuing protected series is the same person without interruption as it was before the merger;
4. All property of a relocated protected series or continuing protected series continues to be vested in the protected series without transfer, reversion, or impairment;
5. All debts, obligations, and other liabilities of a relocated protected series or continuing protected series continue as debts, obligations, and other liabilities of the protected series;
6. Except as otherwise provided by law or the plan of merger, all the rights, privileges, immunities, powers, and purposes of a relocated protected series or continuing protected series remain in the protected series;
7. The new name of a relocated protected series may be substituted for the former name of the protected series in any pending action or proceeding;
8. If provided in the plan of merger:
a. A person becomes an associated member or protected series assignee of a relocated protected series or continuing protected series;
b. A person becomes an associated member of a protected series established by the surviving company as a result of the merger;
c. Any change in the rights or obligations of a person in the person's capacity as an associated member or protected series assignee of a relocated protected series or continuing protected series takes effect; and
d. Any consideration to be paid to a person that before the merger was an associated member or protected series assignee of a relocated protected series or continuing protected series is due; and
9. Any person that is a member of a relocated protected series becomes a member of the surviving company, if not already a member.
2019, c. 636 .