There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 279 RURAL ELECTRIC AND RURAL TELEPHONE COOPERATIVE CORPORATIONS
279.460 Effect of consolidation or merger.
Download pdfincorporation of the new cooperative; and in the case of a merger the separate
existence of the merging cooperative shall cease and the articles of incorporation of
the surviving cooperative shall be deemed to be amended to the extent, if any, that
changes therein are provided for in the articles of merger. (2) All the rights, privileges, immunities and franchises and all property, real and personal, including without limitation applications for membership, all debts due on
whatever account and all other choses in action, of each of the consolidating or
merging cooperatives shall be deemed to be transferred to and vested in the new or
surviving cooperative without further act or deed. (3) The new or surviving cooperative shall be responsible and liable for all the liabilities and obligations of each of the consolidating or merging cooperatives and
any claim existing or action or proceeding pending by or against any of the
consolidating or merging cooperatives may be prosecuted as if the consolidation or
merger had not taken place, but the new or surviving cooperative may be substituted
in its place. (4) Neither the rights of creditors nor any liens upon the property of any of such cooperatives shall be impaired by such consolidation or merger. Effective: March 25, 1950
History: Created 1950 Ky. Acts ch. 147, sec. 16, effective March 25, 1950.
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