§ 13-C §1107 — Effect of merger or share exchange

1.
Merger.
When a merger becomes effective:
2.
Share exchange.
When a share exchange becomes effective, the shares of each domestic corporation that are to be exchanged for shares, other securities, eligible interests, obligations, rights to acquire shares or other securities or eligible interests, cash or other property or any combination thereof are entitled only to the rights provided to them in the plan of share exchange or to any rights they may have under chapter 13.
3.
Shareholder's liabilities and obligations.
A person who becomes subject to owner liability for some or all of the debts, liabilities or obligations of any entity as a result of a merger or share exchange has owner liability only to the extent provided in the organic law of the entity and only for those debts, liabilities and obligations that arise after the effective time of the articles of merger or share exchange.
4.
Foreign corporation.
When a merger becomes effective, a foreign corporation or a foreign eligible entity that is the survivor of the merger is deemed to:
5.
Effect of merger or share exchange on liability.
The effect of a merger or share exchange on the owner liability of a person who had owner liability for some or all of the debts, obligations or liabilities of a party to the merger or share exchange is as follows.

Legislative History

PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2003, c. 344, §B103 (AMD). PL 2007, c. 323, Pt. C, §16 (AMD). PL 2007, c. 323, Pt. G, §4 (AFF).