(805 ILCS 120/8) (from Ch. 32, par. 188h)
Sec. 8.
Consolidation-Issuance of bonds and certificates evidencing interest.
When two or more corporations are merged or consolidated, as provided by
this act, the single corporation shall have power and authority to issue
bonds or other obligations, negotiable or otherwise, and with or without
coupons or interest certificates attached, to an amount sufficient to
provide for all the payments it will be required to make, or obligations it
will be required to assume, in order either to effect such merger or
consolidation or thereafter to conduct the enterprise for which it was
organized. To secure the payments of such bonds and obligations it shall be
lawful to mortgage its corporate franchises, rights, privileges and
property, real, personal and mixed, and it shall be lawful to issue
certificates of membership or other evidence of interest to such extent as
may be necessary to the members of such constituent corporations in
exchange or payment for the original memberships or units of interest in
the manner and on the terms specified in the resolution of merger or
consolidation.
(Source: Laws 1933, p. 392.)
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