The obligations of the merged or consolidated financial institutions and the rights of the creditors of any of them shall in no case be prejudiced or impaired in any way by such merger or consolidation, and none of the rights, obligations and claims of any person, creditor, depositories and trustees, shall be affected by such merger or consolidation, and the consolidated or newly organized entity as the case may be, shall have all the obligations and shall be liable for all debts and the fulfillment of all the contracts and obligations of the merged or consolidated entities, just as they were prior to such merger or consolidation, and the stockholders of said entities so merged or consolidated shall continue subject to the same obligations, claims and demands as existed against them when the merger or consolidation was made or before that time, and all suits, actions or other proceedings then pending in any court, to which any of the merged or consolidated entities is a party, shall continue to their termination just as if no such merger or consolidation had taken place; provided, however, that the consolidated corporation or the newly organized entity, as the case may be, may be substituted in place of any of the entities which have merged or consolidated, by order of the court taking cognizance of the proceedings.