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Effect of 92. (1) The merger or consolidation shall be effective upon
merger or Effect of the filing of the articles of merger or
consolidation consolidation with the merger or Registrar of Companies or
on such date subsequent thereto, consolidation not to
exceed thirty days, as shall be set forth in such articles.
(2) When such merger or consolidation has been effected:
(i) Such surviving or consolidated corporation shall
thereafter consistently with its articles of
incorporation as altered or established by the
merger or consolidation, possess all the rights,
privileges, immunities, powers and purposes of each
of the constituent corporations:
(ii) All the property, real and personal, including
subscriptions to shares, causes of action and every
other asset of each of the constituent corporations,
shall vest in such surviving or consolidated
corporation without further act or deed;
(iii) The surviving or consolidated corporation shall
assume and be liable for all the liabilities,
obligations and penalties of each of the constituent
corporations. No. liability or obligation due or to
become due, claim or demand for any cause
existing against any such corporation,. or any
shareholder, officer or director thereof, shall be
released or impaired by such merger or
consolidation. No action or proceeding, whether
civil or criminal, then pending by or against any
such constituent corporation, or any shareholder,
officer of director thereof, shall abate or be
discontinued by such merger or consolidation, but
maybe enforced, prosecuted, settled or
compromised as if such merger or consolidation had
not occurred, or such surviving or consolidated
corporation.may be substituted in such action or
special proceeding in place of any constituent
corporation;
(iv) In the case of a merger, the articles of
incorporation of the surviving corporation shall be
automatically amended to the extent, if any, that
changes in its articles of incorporation are set forth
in the plan of merger; and, in the case of a
consolidation, the statements set forth in the articles
of consolidation and which are required or
permitted to be set forth in the articles of
incorporation of a corporation formed under this
Ordinance, shall be its articles of incorporation; and
(v) Unless otherwise provided in the articles of
merger or consolidation, a constituent corporation
which is not the surviving corporation or the
consolidated corporation, ceases to exist and is
dissolved.