(1) If shares, the number of which is unfit for a consolidation, exist, new shares issued for such portion unfit for the consolidation shall be sold by means of auction and the proceeds from which shall be delivered to the former shareholders in proportion to the number of shares they formerly held: Provided, That shares for which there is an exchange based market may be sold through such exchange and shares without an exchange quotation may be sold in a manner other than auction with the permission of the court. <Amended by Act No. 3724, Apr. 10, 1984>
(2) The provisions of Article 442 shall apply mutatis mutandis to cases falling under paragraph (1). <Amended Act No. 3724, Apr. 10, 1984>