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ADAMS v. FLORA MACDONALD COLLEGE

No. 740.

111 S.E.2d 859 (1960)

251 N.C. 617

Mrs. Raymond ADAMS, Dr. C. T. Johnson, H. D. Jones and Miss Mary McEachern, Individually and as Trustees of Flora Macdonald College, a corporation, v. FLORA MACDONALD COLLEGE, a corporation.

Supreme Court of North Carolina.

January 14, 1960.

Attorney(s) appearing for the Case

Varser, McIntyre, Henry & Hedgpeth, Lumberton, and Douglass & McMillan, Raleigh, for plaintiffs, appellants.

Smith, Leach, Anderson & Dorsett, Raleigh, for defendants, appellees.

BOBBITT, Justice.

If the Consolidation Agreement is valid, upon the filing thereof on May 28, 1958, in the office of the Secretary of State, the separate existence of each of the three consolidating (predecessor) corporations terminated. G.S. § 55A-42.

The Consolidation Agreement contains this provision: "Until such time as the Consolidated Presbyterian College shall be opened to students the consolidated corporation shall continue to operate Flora Macdonald...

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