N.Y. Not-for-Profit Corporation Law 901 – Power of merger or consolidation
§ 901. Power of merger or consolidation.
Terms Used In N.Y. Not-for-Profit Corporation Law 901
- Consolidation: means a procedure of the character described in subparagraph (a) (2). See N.Y. Not-for-Profit Corporation Law 901
- Constituent corporation: means an existing corporation that is participating in the merger or consolidation with one or more other corporations. See N.Y. Not-for-Profit Corporation Law 901
- 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.
- Merger: means a procedure of the character described in subparagraph (a) (1). See N.Y. Not-for-Profit Corporation Law 901
(a) Two or more domestic corporations may, as provided in this chapter:
(1) Merge into a single corporation which shall be one of the constituent corporations; or
(2) Consolidate into a single corporation which shall be a new corporation to be formed pursuant to the consolidation.
(b) Whenever used in this article:
(1) "Merger" means a procedure of the character described in subparagraph (a) (1).
(2) "Consolidation" means a procedure of the character described in subparagraph (a) (2).
(3) "Constituent corporation" means an existing corporation that is participating in the merger or consolidation with one or more other corporations.
(4) "Surviving corporation" means the constituent corporation into which one or more other constituent corporations are merged.
(5) "Consolidated corporation" means the new corporation in which two or more constituent corporations are consolidated.