(b) All the rights, privileges, immunities and franchises and all
property, real and personal, including without limitation applications
for membership, all debts due on whatever account and all other choses
in action, of each of the consolidating or merging cooperatives shall be
deemed to be transferred to and vested in the new or surviving
cooperative without further act or deed;
(c) The new or surviving cooperative shall be responsible and liable
for all the liabilities and obligations of each of the consolidating or
merging cooperatives and any claim existing or action or proceeding
pending by or against any of the consolidating or merging cooperatives
may be prosecuted as if the consolidation or merger had not taken place,
but the new or surviving cooperative may be substituted in its place;
and
(d) Neither the rights of creditors nor any liens upon the property of
any of such cooperatives shall be impaired by such consolidation or
merger.
Structure New York Laws