§ 34. Effect of consolidation or merger. (a) In the case of a
consolidation the existence of the consolidating cooperatives shall
cease and the articles of consolidation shall be deemed to be articles
of incorporation of the new cooperative; and in the case of a merger the
separate existence of the merging cooperatives shall cease and the
articles of incorporation of the surviving cooperative shall be deemed
to be amended to the extent, if any, that changes therein are provided
for in the articles of merger;

(b) All the rights, privileges, immunities and franchises and all
property, real and personal, including without limitation applications
for membership, all debts due on whatever account and all other choses
in action, of each of the consolidating or merging cooperatives shall be
deemed to be transferred to and vested in the new or surviving
cooperative without further act or deed;

(c) The new or surviving cooperative shall be responsible and liable
for all the liabilities and obligations of each of the consolidating or
merging cooperatives and any claim existing or action or proceeding
pending by or against any of the consolidating or merging cooperatives
may be prosecuted as if the consolidation or merger had not taken place,
but the new or surviving cooperative may be substituted in its place;
and

(d) Neither the rights of creditors nor any liens upon the property of
any of such cooperatives shall be impaired by such consolidation or
merger.