Effect of Merger

Sec. 92.454. EFFECT OF MERGER. (a) A merger takes effect on the date the last required certificate of merger is issued. (b) After the merger takes effect: (1) a corporation that was merged ceases to exist; (2) the savings bank assumes the rights and obligations of the corporation and owns the property of the corporation; and (3) the savings bank's articles of incorporation are considered amended to the extent that a change is stated in the plan of merger. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.