A. A resulting state or national bank shall be the same business and corporate entity as each merging bank or as the converting bank with all the property, rights, powers and duties of each merging bank or the converting bank, except as affected by the law of this state in the case of a resulting state bank or the laws of the United States in the case of a resulting national bank, and by the charter and bylaws of the resulting bank.
B. A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it can do any act under such name more conveniently.
C. Any reference to a merging or converting bank in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting bank if not inconsistent with the other provisions of such writing, except when the resulting bank is not authorized to or has not qualified to exercise the powers conferred or required by the writing.
History: 1941 Comp., § 50-1908, enacted by Laws 1951, ch. 37, § 8; 1953 Comp., § 48-13-8.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28.
9 C.J.S. Banks and Banking § 158 et seq.