Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, (i) the separate corporate existence of CNB shall cease while the corporate existence of MFC as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger, and (ii) CNB's wholly-owned subsidiary, Community National Bank, will become a wholly-owned banking subsidiary of MFC. The duration of the corporate existence of MFC, as the surviving corporation, shall be perpetual and unlimited.
Appears in 2 contracts
Samples: Agreement and Plan (CNB Holdings Inc), Agreement and Plan (Mountainbank Financial Corp)
Effect of Merger; Surviving Corporation. At the Effective Time, and by reason of the Merger, (i) the separate corporate existence of CNB shall cease cease, while the corporate existence of MFC as the surviving corporation in the Merger shall continue with all of its purposes, objects, rights, privileges, powers and franchises, all of which shall be unaffected and unimpaired by the Merger, and (ii) CNB's wholly-owned subsidiary, Community National Bank, will become a wholly-owned banking subsidiary of MFC. The duration of the corporate existence of MFC, as the surviving corporation, shall be perpetual and unlimited.
Appears in 2 contracts
Samples: Agreement and Plan (Mountainbank Financial Corp), Agreement and Plan (CNB Holdings Inc)
