§ 8-1-17-19 — Consolidation of corporations; transfer of assets, franchises, and obligations

(a) In case of a consolidation, the existence of
the consolidating cooperative corporations shall cease and the articles
of consolidation are considered the articles of incorporation of the new
cooperative corporation.
(b) All rights, privileges, immunities, and franchises and all
property, real and personal, including without limitation applications
for membership, all debts due on whatever account and all other choses
in action, of each of the consolidating cooperative corporations are
transferred to and vested in the new cooperative corporation without
further act or deed.
(c) The new cooperative corporation shall be responsible and liable
for all the liabilities and obligations of each of the consolidating
cooperative corporations. Any claim existing or action or proceeding
pending by or against any of the consolidating cooperative corporations
may be prosecuted as if the consolidation had not taken place but the
new cooperative corporation may be instituted in its place.
(d) The new cooperative corporation may operate in all the areas in
which the consolidating cooperative corporations were authorized to
operate. Before the new corporation may operate in any other area, it
shall submit to the commission:
(1) an application for a new certificate of territorial authority
under IC 8-1-32.5; or
(2) a notice of change under IC 8-1-32.5-12(7), as allowed by the
commission.
(e) The rights of creditors and any liens upon the property of any
consolidating cooperative corporations shall not be impaired by the
consolidation.
Formerly: Acts 1951, c.193, s.19. As amended by P.L.59-1984,
SEC.80; P.L.97-1993, SEC.8; P.L.27-2006, SEC.47.