2006 New York Code - Effect Of Consolidation Or Merger.

 
    § 34. Effect  of  consolidation  or  merger.  (a)  In  the  case  of a
  consolidation the existence  of  the  consolidating  cooperatives  shall
  cease  and  the articles of consolidation shall be deemed to be articles
  of incorporation of the new cooperative; and in the case of a merger the
  separate existence of the  merging  cooperatives  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;
    (b)  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;
    (c)  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;
  and
    (d) Neither the rights of creditors nor any liens upon the property of
  any of such cooperatives shall be  impaired  by  such  consolidation  or
  merger.