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The Cutler Company was duly merged into the Stone Company. Yetta, a shareholder of the former Cutler Company, having paid only one-half of her subscription, is now sued by the Stone Company for the...

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The Cutler Company was duly merged into the Stone Company. Yetta, a shareholder of the former Cutler Company, having paid only one-half of her subscription, is now sued by the Stone Company for the balance of the subscription. Yetta, who took no part in the merger proceedings, denies liability on the ground that, inasmuch as the Cutler Company no longer exists, all her rights and obligations in connection with the Cutler Company have been terminated. Explain whether she is correct.

Answered Same Day Dec 22, 2021

Solution

David answered on Dec 22 2021
128 Votes
Section 80 of mergers and consolidation laid down the effect of consolidation or
merger
which states that on and after the merger the existence of the merging company
shall end and it will have no separate entity from the merged company.
Thus only the merged company will said to be existing....
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