§ 11.12.
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/vt/11-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 11.12. Effect of merger or share exchange
(a)When a merger takes effect:
(1)the surviving constituent organization continues or comes into existence;
(2)each constituent organization that merges into the surviving constituent organization ceases to exist as a separate entity;
(3)the property of each constituent organization that ceases to exist vests in the surviving constituent organization without transfer, assignment, reversion, or impairment;
(4)the debts, obligations, and other liabilities of each constituent organization that ceases to exist continue as debts, obligations, and other liabilities of the surviving constituent organization;
(5)an action or proceeding pending by or against a constituent organization that ceases to exist continues as if the merger did not occur;
(6)except as prohibited by other law, the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving constituent organization;
(7)except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect;
(8)except as otherwise agreed, if a constituent corporation ceases to exist, the merger does not dissolve the corporation for the purposes of chapter 14 of this title;
(9)if the merger creates the surviving constituent organization, its public organizational documents take effect; and
(10)if the surviving constituent organization preexists the merger, any amendments to its public organizational documents take effect.
(b)(1) A surviving constituent organization that is a foreign organization consents to the jurisdiction of the courts of this State to enforce a debt, obligation, or other liability the constituent organization owes, if before the merger the constituent organization was subject to suit in this State on the debt, obligation, or other liability.
(2)A surviving constituent organization that is a foreign organization and not authorized to transact business in this State appoints the Secretary of State as its agent for service of process for the purposes of enforcing a debt, obligation, or other liability under this subsection.
(3)A person shall serve the Secretary of State under this subsection in the same manner, and the service has the same consequences, as in section 5.04 of this title.
(c)When a share exchange takes effect:
(1)the shares of each acquired constituent organization are exchanged as provided in the plan of share exchange; and
(2)the former holders of the shares are entitled only to the exchange rights provided in the articles of share exchange or to their rights under chapter 13 of this title. (Added 2015, No. 157 (Adj. Sess.), § E.1, eff. July 1, 2017.)