When a merger becomes effective:

1. (1) The surviving entity continues or comes into existence;
2. (2) Each constituent entity that merges into the surviving entity ceases to exist as a separate entity;
3. (3) All property owned by each constituent entity that ceases to exist vests in the surviving entity;
4. (4) All debts, liabilities, and other obligations of each constituent entity that ceases to exist continue as obligations of the surviving entity;
5. (5) An action or proceeding pending by or against any constituent entity that ceases to exist may be continued as if the merger had not occurred;
6. (6) Except as prohibited by law other than this chapter, all rights, privileges, immunities, powers, and purposes of each constituent entity that ceases to exist vest in the surviving entity;
7. (7) Except as otherwise provided in the plan of merger, the terms and conditions of the plan take effect;
8. (8) Except as otherwise provided in the plan of merger, if a merging limited cooperative association ceases to exist, the merger does not dissolve the association for purposes of Subchapter 12 of this chapter; If the surviving entity is created by the merger, the articles of association become effective; and
9. (9)
10. (10) If the surviving entity is not created by the merger, any amendments made by the articles of merger for the organic rules of the surviving entity become effective.

Effective: July 12, 2012

History: Created 2012 Ky. Acts ch. 160, sec. 117, effective July 12, 2012.