Once the aforesaid merger or consolidation agreement has been entered into, perfected and filed in the Office of the Lieutenant Governor, the banks or bank holding companies involved shall be considered as one sole entity under the name provided in the agreement (in case a new entity is created), or under the name of the consolidated entity into which are to be merged or consolidated the other entities, as the case may be, and said entity shall thenceforth enjoy all the rights, privileges and franchises and shall be subject to all the restrictions, obligations and duties of the entities so merged or consolidated, except for the alterations herein provided.