①A National Pension Fund may carry out an absorption-type merger (meaning a merger in which a National Pension Fund merges with another National Pension Fund, and all the rights and obligations of the National Pension Fund extinguished by the merger are succeeded to by the National Pension Fund surviving after the merger; the same applies below in this Division) with another National Pension Fund, with the authorization of the Minister of Health, Labour and Welfare; provided, however, that an absorption-type merger between a regional fund and an occupation-based fund may not be carried out, except in the case where a regional fund whose district is the whole country becomes the surviving fund prescribed in the following Article.

②A National Pension Fund carrying out a merger must conclude an absorption-type merger agreement.