Any bequest, devise, gift, grant, or promise contained in a will or other instrument of donation, subscription, or conveyance, which is made to a constituent corporation and which takes effect or remains payable after the merger, inures to the surviving party to the merger.
Cal. Corp. Code § 8022
Effect of Merger
Known as the Nonprofit Mutual Benefit Corporation Law
The act spans §§ 7110–8910 (196 sections).
Amended by Stats. 1999, Ch. 437, Sec. 22
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.