①A National Pension Fund may carry out an absorption-type split (meaning that a National Pension Fund causes the whole or part of the rights and obligations it holds in connection with its operations to be succeeded to by another National Pension Fund after the split; the same applies below), with the authorization of the Minister of Health, Labour and Welfare, only in the case where an occupation-based fund causes a regional fund that becomes the succeeding fund prescribed in the following paragraph to succeed to the rights and obligations that the occupation-based fund holds in connection with its operations and that relate to the district of that regional fund.

②A National Pension Fund that carries out an absorption-type split (hereinafter referred to as a "splitting fund") must conclude an absorption-type split agreement with the National Pension Fund that succeeds to the whole or part of the rights and obligations that the splitting fund holds in connection with its operations (hereinafter referred to as a "succeeding fund").