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.