(1) A company may be divided to form one or more new companies.
(2) A company may merge with one or more existing companies after its division (hereinafter referred to as "merger after division").
(3) A company may be divided to form one or more new companies, which, in succession, may merge with other existing companies.
(4) A company after dissolution may be divided or merged after division only when the existing company becomes the surviving company or a new company is to be incorporated by such division or merger after division.[This Article Newly Inserted by Act No. 5591, Dec. 28, 1998]