Effect of the Consolidation. At the Effective Time, the effect of the Consolidation shall be as provided in Section 215 of the National Bank Act and the regulations of the OCC thereunder. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all the property, rights, privileges, powers and franchises of Parent Sub and the Converted Company shall vest in the Consolidated Corporation, and all debts, liabilities, obligations, restrictions, disabilities and duties of Parent Sub and the Converted Company shall become the debts, liabilities, obligations, restrictions, disabilities and duties of the Consolidated Corporation.
Appears in 2 contracts
Samples: Agreement and Plan of Reorganization (Banknorth Group Inc/Me), Agreement and Plan of Reorganization (Banknorth Group Inc/Me)
Effect of the Consolidation. At the Effective Time, the effect of the Consolidation shall be as provided in Section 215 of the National Bank Act and the regulations of the OCC thereunder. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all the property, rights, privileges, powers and franchises of Parent Interim Sub and the Converted Company shall vest in the Consolidated Corporation, and all debts, liabilities, obligations, restrictions, disabilities and duties of Parent Interim Sub and the Converted Company shall become the debts, liabilities, obligations, restrictions, disabilities and duties of the Consolidated Corporation.
Appears in 1 contract
Samples: Agreement and Plan of Consolidation (Banknorth Group Inc/Me)
Effect of the Consolidation. At the Effective Time, the effect of the Consolidation shall be as provided in Section 215 of the National Bank Act and the regulations of the OCC thereunder. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all the property, rights, privileges, powers and franchises of Parent Interim Sub and the Converted Company Masontown shall vest in the Consolidated Corporation, and all debts, liabilities, obligations, restrictions, disabilities and duties of Parent Interim Sub and the Converted Company Masontown shall become the debts, liabilities, obligations, restrictions, disabilities and duties of the Consolidated Corporation.
Appears in 1 contract
Samples: Agreement and Plan of Consolidation (Parkvale Financial Corp)
