(1) A divided company, newly incorporated company by simple division, succeeding company after division or newly incorporated company by merger after division shall be jointly and severally responsible for the repayment of the liabilities owed by the divided company before the division or merger after division. <Amended by Act No. 13523, Dec. 1, 2015>
(2) Notwithstanding the provisions of paragraph (1), where the divided company incorporates a company by division through a resolution under Article 530-3 (2), the newly incorporated company by simple division may provide that it will only bear the liabilities that it is to assume under a division plan, among the liabilities of the divided company. In such cases, where the divided company survives the division, the divided company shall only be responsible for the liabilities not borne by the newly incorporated company by simple division. <Amended by Act No. 13523, Dec. 1, 2015>
(3) In cases of a merger after division, the divided company may provide by a resolution under Article 530-3 (2) that the succeeding company after division or the newly incorporated company by merger after division receiving investments for the merger after division will only bear the liabilities that they are to assume under an agreement for the merger after division, among the liabilities of the divided company. In such cases, the latter part of paragraph (2) shall apply mutatis mutandis. <Amended by Act No. 13523, Dec. 1, 2015>
(4) In cases falling under paragraph (2), Articles 439 (3) and 527-5 shall apply mutatis mutandis. <Amended by Act No. 13523, Dec. 1, 2015>[This Article Newly Inserted by Act No. 5591, Dec. 28, 1998]