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368(a)(1)(A) purposes, a statutory merger or consolidation is a transaction effected pursuant to the statute, and all of the assets (other than those distributed in the transaction) and liabilities of each member of one or more combining units (each a transferor unit) become the assets and liabilities of one or more members of one other combining unit (the transferee unit), and the combining entity of each transferor unit ceases its separate legal existence for all purposes.
The DOB amended Local Law 77 to eliminate the necessity of obtaining a certificate of occupancy where the alteration only consisted of combining apartments to create a larger residential apartment.
According to the temporary regulations, the requirement that a transferor combining entity cease its legal existence will be met if it continues to exist for certain limited legal purposes, such as to defend itself against, or bring legal actions for, activities it engaged in before the merger's effective date.
Much controversy surrounded the issue of combining groups with foreign parents, but on June 20, 1994, the Supreme Court, in the combined appeals of Barclays Bank PLC and Colgate-Palmolive Co.