This case has been cited 1 times or more.
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2010-10-11 |
NACHURA, J. |
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| The same rule applies to consolidation which becomes effective not upon mere agreement of the members but only upon issuance of the certificate of consolidation by the SEC.[32] When the SEC, upon processing and examining the articles of consolidation, is satisfied that the consolidation of the corporations is not inconsistent with the provisions of the Corporation Code and existing laws, it issues a certificate of consolidation which makes the reorganization official.[33] The new consolidated corporation comes into existence and the constituent corporations are dissolved and cease to exist.[34] | |||||