(805 ILCS 30/9) (from Ch. 32, par. 407)
Sec. 9.
Any corporation purchasing or leasing the real and personal
property of any other company or companies, as provided for in section 1,
or any consolidated corporation, as authorized by section 2, shall be
subject to and shall perform, for each of the companies so entering into
said agreement or agreements, the legal obligations now resting upon each
of them, respectively, under their respective charters and ordinances,
except where the provisions thereof conflict with the exercise of the
powers herein granted, in the same manner and to the same extent as if the
companies had remained individual and distinct; and such performance by
said corporation so purchasing or leasing, or by such consolidated
corporation, shall be held and considered as the performance by each of the
respective companies so selling, leasing or consolidating of the legal
obligations theretofore resting upon each of them respectively: Provided,
however, That nothing in this act shall be construed as extinguishing said
companies entering into the agreement or agreements mentioned in this act,
or annulling or impairing any of their respective franchises, licenses or
privileges, but they shall severally be regarded as still subsisting, so
far as their continuance for the purpose of upholding any right, title or
interest, power, privilege or immunity ever exercised or enjoyed by any of
them be necessary for the protection of their respective creditors or
mortgagees, or any of them; the separate exercise of their respective
powers, and the separate enjoyment of their separate privileges and
immunities being suspended until the protection of such creditors or
mortgagees shall require their resumption, when such suspension shall
cease, so far as, and for such time as, the protection of such creditors or
mortgagees may require.
(Source: Laws 1897, p. 177.)
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