①A stock company surviving an absorption-type merger succeeds to the rights and obligations of the company disappearing in the absorption-type merger on the effective day.

②The dissolution, by absorption-type merger, of the company disappearing in an absorption-type merger may not be duly asserted against a third party until the registration of the absorption-type merger has been completed.

③In the cases set forth in the following items, the shareholders of a stock company disappearing in the absorption-type merger or members of a membership company disappearing in the absorption-type merger become the persons specified in each of those items, in accordance with the provisions on the matters set forth in paragraph (1), item (iii) of the preceding Article, on the effective day:

④The share options of a stock company disappearing in the absorption-type merger are extinguished on the effective day.

⑤In the case prescribed in paragraph (1), item (iv), (a) of the preceding Article, the holders of share options of a stock company disappearing in the absorption-type merger, in accordance with the provisions on the matters set forth in item (v) of that paragraph, become holders of share options of a stock company surviving the absorption-type merger referred to in item (iv), (a) of that paragraph on the effective day.

⑥The provisions of the preceding paragraphs do not apply if procedures under the provisions of Article 789 (excluding paragraph (1), item (iii) and paragraph (2), item (iii), and including the case where it is applied mutatis mutandis pursuant to Article 793, paragraph (2)) or Article 799 are not completed yet or where the absorption-type merger is cancelled.