Sec. 3.
That upon the making, signing, acknowledging, executing and filing of said articles of association such society shall without further action be deemed to all intents and purposes re-organized, and shall succeed to all the property and rights of action of the old society, and shall be liable for all debts, obligations and liabilities of the old society, and every stockholder in the old society, under and by virtue of the incorporating act and the by-laws thereof, shall be a stockholder to a like extent in the new society, and all rights of property and contract shall remain unimpaired, and the corporate identity of such society shall continue unchanged.
History: 1889, Act 155, Imd. Eff. June 18, 1889 ;-- How. 2312c ;-- CL 1897, 5965 ;-- CL 1915, 7843 ;-- CL 1929, 10230 ;-- CL 1948, 453.283