Effect of Merger; Surviving Corporation Sample Clauses
The 'Effect of Merger; Surviving Corporation' clause defines what happens to the merging entities and their legal status after a merger is completed. Typically, it specifies that one company will continue as the surviving corporation, inheriting all rights, assets, and obligations of the merged entities, while the other ceases to exist as a separate legal entity. This clause ensures a clear legal transition, clarifying which entity remains and how assets and liabilities are consolidated, thereby preventing confusion or disputes regarding post-merger rights and responsibilities.
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, (i) the separate corporate existence of CNB shall cease while the corporate existence of MFC as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger, and (ii) CNB's wholly-owned subsidiary, Community National Bank, will become a wholly-owned banking subsidiary of MFC. The duration of the corporate existence of MFC, as the surviving corporation, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, the separate corporate existences of SFC and SNB shall cease while the corporate existence of FCB as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger. Following the Merger, FCB shall continue to operate as a South Carolina bank and will conduct its business at the then legally established branch and main offices of FCB and SNB. The duration of the corporate existence of FCB, as the surviving corporation, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, the separate corporate existences of 1st Financial and Mountain 1st shall cease, while FCB, as the surviving entity in the Merger, shall continue to exist as a North Carolina-chartered bank, with all of its purposes, objects, rights, privileges, powers and franchises which shall be unaffected and unimpaired by the Merger. Following the Merger, FCB shall continue to conduct its business at its then legally established branch and main offices and those branch offices of Mountain 1st that FCB chooses to continue to operate. The duration of the corporate existence of FCB, as the surviving entity, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, the separate corporate existence of Mutual shall cease while the corporate existence of M&F Bank as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger. Following the Merger, M&F Bank shall continue to operate as a North Carolina banking corporation and will conduct its business at its then legally established branches and main office. The duration of the corporate existence of M&F Bank, as the surviving corporation, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. By reason of the Merger, at --------------------------------------- the Effective Time and as provided in N.C.Gen. Stat. (S) 55-11-06, the separate corporate existence of Scotland shall cease and all of its outstanding shares shall be canceled, while the corporate existence of Centura as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger. The duration of the corporate existence of Centura as the surviving corporation shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. Subject to the terms and conditions of this Agreement and pursuant to the applicable provisions of North Carolina Law (a) at the Anson Heritage Merger Effective Time and as provided in the Plan of Anson Heritage Merger and N.C. Gen. Stat. (S) 55-11-06, the separate corporate existence of Anson shall cease and Anson Heritage shall continue as the surviving corporation with all of its purposes, objects, rights, privileges, power and franchises. At the Uwharrie Merger Effective Time and as provided in N.C. Gen. Stat. (S) 55-11-06, by reason of the Uwharrie Merger the separate corporate existence of Anson Heritage shall cease while the corporate existence of Uwharrie as the surviving corporation in the Uwharrie Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Uwharrie Merger. Following the Uwharrie Merger, the Bank shall continue to operate as the wholly-owned savings bank subsidiary of Uwharrie and, as a North Carolina savings bank, will continue to conduct its business and the business of the Bank at the then legally established office of the Bank. The duration of the corporate existence of Uwharrie, as the surviving corporation, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. At the Effective Time, and by --------------------------------------- reason of the Merger, the separate corporate existence of HC Financial shall cease while the corporate existence of Yadkin, as the surviving corporation in the Merger, shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger. Following the Merger, Yadkin shall continue to operate as a North Carolina banking corporation and will conduct its business at its then legally established branch and main offices. The duration of the corporate existence of Yadkin, as the surviving corporation in the Merger, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, the separate corporate existence of Main Street shall cease while the corporate existence of Yadkin as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger. Following the Merger, Yadkin shall continue to operate as a North Carolina banking corporation and will conduct its business at the then legally established branch and main offices of Yadkin, and shall conduct business under the name "Yadkin Valley Bank and Trust Company."
Effect of Merger; Surviving Corporation. At the Effective Time and --------------------------------------- by reason of the Merger, the separate corporate existence of Acquisition shall cease while the corporate existence of First Savings as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger. The duration of the corporate existence of First Savings, as the surviving corporation, shall be perpetual and unlimited.
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, and subject to the provisions of Paragraph 2.08 below, the separate corporate existence of Merger Sub shall cease, while Cordia, as the surviving entity in the Merger, will become the wholly-owned subsidiary of FCB and shall continue to exist as a Virginia corporation and as the parent holding company of BOV. The duration of the corporate existence of Cordia, as the surviving entity, shall be perpetual and unlimited.