Section 3
SEC. 3. Upon the perfecting, as aforesaid, of the said merger or consolidation, the several corporations parties thereto shall be deemed and taken as one corporation, upon the terms and conditions set forth in said agreement, and all and singular the rights, privileges, and franchises of each of said corporations, except as expressly restricted by this Act, and all property, real and personal, and all debts due on whatever account, belonging to each of such corporations, and all interests created and rights of way shall be taken and deemed as transferred to and vested in such new corporation without further act or deed; and the title to real estate, either by deed or otherwise, under the laws of the Philippine Islands vested in either corporation, shall not be deemed in any way impaired by reason of this Act: Provided, however, That the rights of creditors and all liens upon the property of either of said corporations shall be preserved unimpaired; and the respective corporations shall be deemed to continue in existence to preserve the same; and all debts, liabilities, and duties of either of said corporations shall thenceforth attach to said new corporation and be enforced against it to the same extent as if the said debts, liabilities, and duties had been incurred or contracted by it.