162Effect of merger

#### 162 Effect of merger 162 Effect of merger > > (1) This section applies on a merger of societies under this Division taking effect. > > > (2) The merged society is the successor of the merging societies. > > > (3) Without limiting subsection (2)— > > > > > (a) the members of each merging society become members of the merged society, and > > > > > (b) all assets, rights and liabilities of each merging society become assets, rights and liabilities of the merged society without any conveyance, transfer or assignment, and > > > > > (c) in all documents (including, for example, a contract to which a merging society was a party), a reference to a merging society is a reference to the merged society, and > > > > > (d) a legal proceeding by or against a merging society that is not finished when the merger takes effect may be continued and finished by or against the merged society, and > > > > > (e) the duties, obligations, immunities and privileges applying to a merging society apply to the merged society. > > > (4) The operation of this section is not to be regarded— > > > > > (a) as a breach of contract or confidence or otherwise as a civil wrong, or > > > > > (b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or > > > > > (c) as giving rise to any remedy by a party to a contract or instrument, or as causing or permitting the termination of any contract or instrument, because of a change in the beneficial or legal ownership of any asset, right or liability, or > > > > > (d) as an event of default under any contract or instrument.