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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
021
:
LIMITED LIABILITY COMPANIES
Subchapter
009
:
CONVERSIONS AND MERGERS
[Section 3126 repealed effective July 1, 2016.]
[Section 3126 repealed effective July 1,
2016.]
§
3126. Effect of merger
(a) When a
merger takes effect:
(1) the separate
existence of each limited liability company and other entity that is a party to
the merger, other than the surviving entity, terminates;
(2) all property
owned by each of the limited liability companies and other entities that are
party to the merger vests in the surviving entity;
(3) all debts,
liabilities, and other obligations of each limited liability company and other
entity that is party to the merger become the obligations of the surviving
entity;
(4) an action or
proceeding pending by or against a limited liability company or other party to
a merger may be continued as if the merger had not occurred or the surviving
entity may be substituted as a party to the action or proceeding; and
(5) except as
prohibited by other law, all the rights, privileges, immunities, powers and
purposes of every limited liability company and other entity that is a party to
a merger become vested in the surviving entity.
(b) The
Secretary of State is an agent for service of process in an action or
proceeding against the surviving foreign entity to enforce an obligation of any
party to a merger if the surviving foreign entity fails to appoint or maintain
an agent designated for service of process in this State or the agent for
service of process cannot with reasonable diligence be found at the designated
office. Upon receipt of process, the Secretary of State shall send a copy of
the process by registered or certified mail, return receipt requested, to the
surviving entity at the address set forth in the articles of merger. Service is
effected under this subsection at the earliest of:
(1) the date the
company receives the process, notice, or demand;
(2) the date
shown on the return receipt, if signed on behalf of the company; or
(3) five days
after its deposit in the mail, if mailed postpaid and correctly addressed.
(c) A member of
the surviving limited liability company is liable for all obligations of a
party to the merger for which the member was personally liable before the
merger.
(d) Unless
otherwise agreed, a merger of a limited liability company that is not the
surviving entity in the merger does not require the limited liability company
to wind up its business under this chapter or pay its liabilities and
distribute its assets pursuant to this chapter.
(e) Articles of
merger serve as articles of dissolution for a limited liability company that is
not the surviving entity in the merger. (Added 1995, No. 179 (Adj. Sess.), §
4.)