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    § 223.  Consolidation  or  merger  of  corporations.  Any  two or more
  corporations chartered under the powers of the regents  or  incorporated
  under  a  special  act  of  the  legislature  or under a general law for
  purposes for which a charter may be granted by  the  regents  may  enter
  into  an agreement for the consolidation or merger of such corporations,
  setting forth the terms and conditions of consolidation or  merger,  the
  name  of  the  proposed consolidated or merged corporation, the place or
  places where the institution or institutions to be maintained is or  are
  to  be  located, the number of its directors, which may be five or more,
  the time of the annual election and the  names  of  the  persons  to  be
  directors until the first or next annual meeting.
    The  agreement  must  be  approved by three-fourths of the trustees or
  directors of such corporations at a meeting of the trustees or directors
  of each corporation, separately and specially called for  that  purpose,
  which approval, duly verified by the chairman and clerk of such meeting,
  shall  be  annexed  to  the  petition.  On  presentation  of a petition,
  together  with  the  certificate  of  approval  and  the  agreement  for
  consolidation or merger, and on such notice to interested parties as the
  regents  shall  prescribe,  and after hearing such interested parties as
  desire to be heard, the regents may make and execute an  order  for  the
  consolidation or merger of the corporations on such terms and conditions
  as the regents may prescribe. When such order is made, such corporations
  shall  become  one  corporation by the name designated in the order, and
  shall be subject only to such duties and obligations  as  a  corporation
  formed  under  this  chapter for the same purposes; and all the property
  belonging to the corporations so consolidated or merged shall be  vested
  in  and  transferred to the new or surviving corporation, which shall be
  subject to all the liabilities of the former corporations, to  the  same
  extent  as  if  they  had  been  contracted  or  incurred  by it. If any
  corporation so consolidated or merged was incorporated under  a  special
  act  of  the  legislature  or  under a general law pursuant to which its
  certificate of incorporation was filed with the department of state, the
  regents shall deliver a certified copy of the order of consolidation  or
  merger to such department.

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