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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 25. Electric and Telephone Cooperative Act
- Section 280. Effect of Consolidation or Merger.
previous: Section 270
. Contents of Articles of Consolidation.
next: Section 290
. Conversion of Existing Corporation.
AS 10.25.280. Effect of Consolidation or Merger.
- (a) In the case of a consolidation the existence of the consolidating cooperatives ceases and the articles of
consolidation are the articles of incorporation of the new cooperative. In the case of a merger the separate existence
of the merging cooperatives ceases and the articles of incorporation of the surviving cooperative are amended to the
extent that changes are provided for in the articles of merger.
- (b) The rights, privileges, immunities and franchises, and all real and personal property including, without limitation,
applications for membership, all debts due on whatever account and all other choses in action, of the consolidating or
merging cooperatives are transferred to and vested in the new consolidated or surviving cooperative without further act
- (c) The new consolidated or surviving cooperative is responsible and liable for the liabilities and obligations of each of
the consolidating or merging cooperatives and a claim existing or action or proceeding pending by or against the
consolidating or merging cooperatives may be prosecuted as if the consolidation or merger had not taken place, but the
new consolidated or surviving cooperative may be substituted in its place.
- (d) Neither the rights of creditors nor liens upon the property of the cooperatives are impaired by the consolidation or
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