After a merger or consolidation is effected:
- (1) the property of the merged or consolidated credit union vests in the surviving credit union without an instrument of transfer or endorsement; and
- (2) the obligations and liabilities of the merged or consolidated credit union are assumed by the surviving credit union.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.