(1) Where one of the constituent companies of a merger survives, a director or auditor of the surviving company who took office before the merger shall retire upon the closing of an ordinary general meeting of shareholders for the first settlement period after the merger, except as otherwise provided for by a merger agreement.
(2) Deleted. <by Act No. 6488, Jul. 24, 2001>[This Article Newly Inserted by Act No. 5591, Dec. 28, 1998]