Section 94409 Of Chapter 4. Consolidation Of Private Colleges From California Education Code >> Division 10. >> Title 3. >> Part 59. >> Chapter 4.
94409
. The several boards of trustees of the consolidating
institutions shall transfer all property, real and personal, held by
them, to the new corporation, together with all powers, privileges,
and authority conferred upon or enjoyed by them under their
respective charters or acts of incorporation. The new corporation
receiving the property shall assume all indebtedness and liabilities
of the consolidating institutions, but shall not transfer the
property from one location to another, except by an affirmative vote
of not less than three-fourths of the board of trustees of the new
corporation, nor divert specific grants, donations, or bequests from
the purposes for which the grants, donations, or bequests were made.
After the boards of trustees have conveyed the property, real and
personal, of the various institutions to the new corporation, and the
property has been accepted by the new corporation, the franchises
held by the consolidating corporations shall cease, and the
corporations are dissolved.