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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 560. Effective Date and Effect of Merger, Consolidation, or Exchange.
previous: Section 558
. Filing of Articles of Merger of Subsidiary Corporation.
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. Merger, Consolidation, or Exchange of Shares Between Domestic and Foreign Corporation.
AS 10.06.560. Effective Date and Effect of Merger, Consolidation, or Exchange.
- (a) A merger, consolidation, or exchange is effective upon the issuance of a certificate of merger, consolidation, or
exchange by the commissioner, or on a later date, not more than 30 days after the filing of the certificate with the
commissioner, as provided in the plan.
- (b) When a merger or consolidation becomes effective,
- (1) the corporations that are parties to the plan of merger or consolidation shall be a single corporation, that, in the
case of a merger, shall be that corporation designated in the plan of merger as the surviving corporation, and, in the
case of a consolidation, shall be the new corporation provided for in the plan of consolidation;
- (2) the separate existence of all corporations that are parties to the plan of merger or consolidation, except the
surviving or new corporation, ceases;
- (3) a surviving or new corporation has all the rights, privileges, immunities, and powers and is subject to all the duties
and liabilities of a corporation organized under this chapter;
- (4) the surviving or new corporation possesses all the public and private rights, privileges, immunities, and franchises
of each of the merging or consolidating corporations; all property, real, personal, and mixed, and all debts due on
whatever account, including subscriptions to shares, and all other choses in action, and every other interest of,
belonging to, or due to each of the merged or consolidated corporations, shall be transferred to and vested in the
surviving or new corporation without further act; and the title to real estate, or an interest in real estate, vested
in any of the corporations may not revert or be in any way impaired by reason of a merger or consolidation;
- (5) a surviving or new corporation is responsible and liable for all the liabilities and obligations of each of the merged
or consolidated corporations; a claim existing or action or proceeding pending by or against the merged or consolidated
corporations may be prosecuted as if the merger or consolidation has not taken place, or the surviving or new
corporation may be substituted in its place; and the rights of creditors or any liens upon the property of the merged
or consolidated corporations may not be impaired by the merger or consolidation;
- (6) in the case of a merger, the articles of incorporation of the surviving corporation are considered to be amended to
the extent that changes in its articles are stated in the plan of merger; and, in the case of a consolidation, the
statements set out in the articles of consolidation that are required or permitted to be set out in the articles of
incorporation of corporations organized under this chapter are considered to be the original articles of the new
- (c) When a merger, consolidation, or exchange becomes effective, the shares of the corporation or corporations party to
the plan that are to be converted or exchanged under the terms of the plan cease to exist, in the case of a merger or
consolidation, or are considered to be exchanged, in the case of an exchange, and the holders of the shares are
entitled only to the shares, obligations, other securities, cash, or other property into which the shares have been
converted or for which they have been exchanged, in accordance with the plan, subject to the rights under AS 10.06.574
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