(1) A merger of trusts under Article 90 of the Trust Act with respect to any corporate taxable trust property shall be deemed a merger of corporations, and shall be governed by this Act. In such cases, the corporate taxable trust property before the merger of trusts shall be deemed a merged corporation; the corporate taxable trust property after the merger of trusts shall be deemed a merging corporation.
(2) The division of a trust (including a division and merger) under Article 94 of the Trust Act with respect to any corporate taxable trust property shall be deemed the division of a corporation, and be governed by this Act. In such cases, the corporate taxable trust property transferred to a new trust following the division of the trust shall be deemed a divided corporation, etc.; the corporate taxable trust property to which the relevant corporate taxable trust property is transferred following the division shall be deemed a corporation established through division, etc.
(3) Necessary matters for the merger or division of trusts provided for in paragraphs (1) and (2) shall be prescribed by Presidential Decree.[This Article Added on Dec. 22, 2020]