Common use of Terms of Merger Clause in Contracts

Terms of Merger. a) At the Effective Time, each issued and outstanding share of Common Stock of Golden Chest shall, automatically and without further act of either of the Constituent Corporations or of the holders thereof, be extinguished and converted into one issued and outstanding share of Common Stock of the Surviving Corporation. The holder of each share so extinguished and converted (of record on the shareholder records of Golden Chest at the Effective Time) shall be recorded on the books of the Surviving Corporation as the holder of the number of shares of Common Stock of the Surviving Corporation which such holder is entitled to receive; and each certificate theretofore representing one or more shares of Common Stock of Golden Chest shall be deemed, for all corporate purposes, to evidence ownership of the same number of shares of Common Stock of the Surviving Corporation which the holder of such certificate is entitled to receive.