(a) A merger takes effect on the date the last required certificate of merger is issued.
(b) After the merger takes effect:
(1) a corporation that was merged ceases to exist;
(2) the savings bank assumes the rights and obligations of the corporation and owns the property of the corporation; and
(3) the savings bank's articles of incorporation are considered amended to the extent that a change is stated in the plan of merger.
Official text of the Texas Finance Code as published by the Texas Legislative Council.