(805 ILCS 105/111.50) (from Ch. 32, par. 111.50)
Sec. 111.50.
Effect of merger or consolidation.
When such merger or consolidation has been effected:
(a) The several corporations parties to the plan of
merger or consolidation shall be a single corporation,
which, in the case of a merger, is that corporation
designated in the plan of merger as the surviving
corporation, and, in the case of a consolidation, is the new
corporation provided for in the plan of consolidation.
(b) The separate existence of all corporations parties
to the plan of merger or consolidation, except the surviving
or new corporation, shall cease.
(c) Such surviving or new corporation has all the
rights, privileges, immunities, and powers and is subject to
all the duties and liabilities of a corporation organized
under this Act; however, this subsection (c) does not apply to a
surviving corporation which manages and governs a State university.
(d) Such surviving or new corporation shall thereupon
and thereafter possess all the rights, privileges,
immunities, and franchises, of a public or
private nature, of each of the merging or consolidating
corporations; and all property, real, personal, and mixed,
and all debts due on whatever account, and all other choses
in action, and all and every other interest, of or belonging
to or due to each of the corporations so merged or
consolidated, shall be taken and deemed to be transferred to
and vested in such single corporation without further act or
deed; and the title to any real estate, or any interest
therein, vested in any of such corporations shall not revert
or be in any way impaired by reason of such merger or
consolidation.
(e) Such surviving or new corporation shall
thenceforth be responsible and liable for all the
liabilities and obligations of each of the corporations so
merged or consolidated; and any claim existing or action or
proceeding pending by or against any of such corporations
may be prosecuted to judgment as if such merger or
consolidation had not taken place, or such surviving or new
corporation may be substituted in its place. Neither the
rights of creditors nor any liens upon the property of any
such corporations shall be impaired by such merger or
consolidation.
(f) In case of a merger, the articles of incorporation
of the surviving corporation are deemed to be amended to the
extent, if any, that changes in its articles are stated in
the articles of merger; and, in the case of a consolidation,
the articles of incorporation of the new corporation are set
forth in the articles of consolidation.
(Source: P.A. 86-6; 86-697; 86-1028.)
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