(1) In the case of a consolidation the existence of the consolidating cooperatives shall cease and the articles of consolidation shall be deemed to be the articles of incorporation of the new cooperative; and in the case of a merger the separate existence of the merging cooperative shall cease and the articles of incorporation of the surviving cooperative shall be deemed to be amended to the extent, if any, that changes therein are provided for in the articles of merger.
(2) All the 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 or merging cooperatives shall be deemed to be transferred to and vested in the new or surviving cooperative without further act or deed.

Terms Used In Kentucky Statutes 279.460

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Cooperative: means any corporation organized under KRS §. See Kentucky Statutes 279.310
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligations: means and includes negotiable bonds, notes, debentures, interim certificates or receipts and all other evidences of indebtedness either issued or the payment thereof assumed by a corporation organized under this chapter. See Kentucky Statutes 279.010

(3) 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.
(4) Neither the rights of creditors nor any liens upon the property of any of such cooperatives shall be impaired by such consolidation or merger.
Effective: March 25, 1950
History: Created 1950 Ky. Acts ch. 147, sec. 16, effective March 25, 1950.