CHAPTER 300

An Act to amend the Code of Virginia by adding a section numbered
13.1-242.1, to provide for merger or consolidation of foreign and
domestic nonstock corporations.

[H 657]

Approved March 15, 1960

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
13.1-242.1 as follows:

§ 13.1-242.1. One or more foreign corporations and one or more
domestic corporations may be merged or consolidated if such merger or
consolidation is permitted by the laws of the state under which each such
foreign corporation is organized. Each domestic corporation shall comply
with the provisions of this Act with respect to the merger or consolidation,
as the case may be.

The effect of such merger or consolidation shall be the same as in the
case of the merger or consolidation of domestic corporations, if the surviv-
ing or new corporation is to be a domestic corporation of this State, whether
or not it is also to be a domestic corporation of another state. If the surviv-
ing or new corporation is to be a foreign corporation and not a domestic
corporation, the effect of such merger or consolidation shall be the same
as in the case of the merger or consolidation of domestic corporations
except in so far as the laws of such other state provide otherwise.

No corporation that is required by law to be a domestic corporation
may, by merger or consolidation, cease to be a domestic corporation, but
every such corporation, even though a corporation of some other state, the
United States or another country, shall also be a domestic corporation of
this State.