47-18-3. Effect of merger or consolidation--Surviving cooperative.
After the effective date of a merger or consolidation, the cooperatives which are parties to the plan become a single cooperative. In the case of a merger, the surviving cooperative is that cooperative so designated in the plan. In the case of a consolidation, the new cooperative is the cooperative provided for in the plan. The separate existence of all cooperatives which are parties to the plan, except the surviving or new cooperative, then ceases.
Source: SDC 1939, §11.1140 (2) as enacted by SL 1965, ch 23, §1.