(1) A company may become a company that owns the total number of issued and outstanding shares of another company (hereinafter referred to as "wholly owning parent company") by an all-inclusive share swap under the provisions of this Sub-Section. In such cases, the said another company shall be called "wholly owned subsidiary".
(2) Shares owned by the shareholders of a company becoming a wholly owned subsidiary by an all-inclusive share swap (hereafter in this Sub-Section, referred to as "share swap") shall be transferred to a company becoming a wholly owning parent company by the share swap on the day of the share swap; and the shareholders of the company becoming the said wholly owned subsidiary shall become the shareholders of the company becoming the said wholly owning parent company by receiving the allotment of new shares to be issued by the company becoming the said wholly owning parent company for the share swap or by acquiring treasury shares of the company by transfer. <Amended by Act No. 13523, Dec. 1, 2015>[This Article Newly Inserted by Act No. 6488, Jul. 24, 2001]