Section 79Sec./Art. 79

Effects of Merger or Consolidation. - The merger of consolidation shall have the following effects:

(a) The constituent corporations shall become a single corporation shall become a single corporation which, in case of merger, shall be the surviving corporation designated in the plan of merger; and in case of consolidation, shall be the consolidated corporation designated in the plan of consolidation;

(b) The separate existence of the constituent corporations shall cease, except that of the surviving or the consolidated corporation;

(c) The surviving or the consolidated corporation shall possess all the right, privileges, immunities and franchises of each constituent corporation; and all real or personal property, all receivables due on whatever account, including subscriptions to shares and other choses in action, and every other interest of, belonging to, or due to each constituents corporation, shall be deemed transferred to and vested in such surviving or consolidated corporation as though such surviving or consolidated corporation had itself incurred such liabilities or obligations; and any pending claim, action or proceeding brought by or against any constituent corporation may be prosecuted by or against the surviving or consolidated corporation.

The rights of creditors or liens upon the property of such constituent corporations shall not be impaired by the merger or consolidation.

TITLE X

APPRAISAL RIGHT