Certificate of Merger as Evidence.

(a) A merger which is to result in a territorial bank shall, unless a later date is specified in the agreement, become effective upon the filing with the Commissioner of the executed agreement together with copies of the resolutions of the stockholders of each merging territorial bank approving it. The charters of the merging banks, other than the continuing bank, shall thereupon automatically terminate.

(b) The Commissioner shall thereupon issue to the resulting bank a certificate of merger, which shall constitute a continuing charter, specifying the name of each merging bank and the name of the resulting territorial bank. Such certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the merging banks is held.

SOURCE: GC § 30605. Subsection (a) amended by P.L. 24-035:10 (May 29,
1997).