California Corporations Code 8022 – Any bequest, devise, gift, grant, or promise contained in a will or …
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Any bequest, devise, gift, grant, or promise contained in a will or other instrument of donation, subscription, or conveyance, which is made to a constituent corporation and which takes effect or remains payable after the merger, inures to the surviving party to the merger.
(Amended by Stats. 1999, Ch. 437, Sec. 22. Effective January 1, 2000.)
Terms Used In California Corporations Code 8022
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.