16:1-43.7 - Gifts, legacies, etc., to vest in consolidated corporation; continuation of separate constituents

16:1-43.7.  Gifts, legacies, etc., to vest in consolidated corporation; continuation of separate constituents
    Every gift, grant, legacy, bequest or devise, in trust or otherwise, vested  or contingent, in possession or expectancy, contained in any will or other  instrument, made before or after the consolidation, to or for, or inuring or  accruing to, either constituent corporation, shall vest in, inure and accrue to  the benefit of the consolidated corporation as effectually as though made to it  and in its name and for its use and benefit, subject to all estates, trusts,  interests and conditions imposed in relation thereto, and every such will or  other instrument shall take effect subject to the provisions of this act and  any consolidation hereunder.  So far as may be necessary to accomplish the  foregoing, the separate corporate entity and name of each constituent  corporation shall be continued for the purpose of enabling it to accept and  receive every such gift, grant, legacy, bequest or devise as fully as though  the consolidation had not been effected, and the trustees, chapter or other  governing body of the consolidated corporation shall, for such purpose, be  deemed to be the trustees, chapter or other governing body of the constituent  corporation. Immediately upon the accrual or receipt of every such gift,  grant, legacy, bequest or devise, or the proceeds thereof, the title to the  same shall become vested in the consolidated corporation, subject to all  estates, trusts, interests and conditions imposed in relation thereto.

     L.1944, c. 143, p. 385, s. 7.