South Dakota Statutes
§ 47-21-33 — Liabilities after consolidation or merger--Preexisting claims--Substitution of parties.
The new or surviving cooperative shall be responsible and liable for all the liabilities and obligations of each of the consolidating or merging cooperatives and any claim existing or action or proceeding pending by or against any of the consolidating or merging cooperatives may be prosecuted as if the consolidation or merger had not taken place, but the new or surviving cooperative may be substituted in its place.
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South Dakota § 47-21-33 (Liabilities after consolidation or merger--Preexisting claims--Substitution of parties.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1947, ch 33, § 19; SDC Supp 1960, § 11.2219 (3).
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
Powers of corporations.