Where the same person that controls a member company of a business group subject to limitations on cross shareholding designated pursuant to the former part of Article 31(1) (hereinafter referred to as "business group subject to limitations on cross shareholding") or his or her related party intends to establish a holding company or to convert his or her company into a holding company, the following debt guarantees shall be annulled:
1. Debt guarantees provided between a holding company and its subsidiary;
2. Debt guarantees provided between a holding company and another domestic affiliate (excluding a subsidiary controlled by the holding company);
3. Debt guarantees provided between subsidiaries;
4. Debt guarantees provided between a subsidiary and another domestic affiliate (excluding a holding company which controls the subsidiary, and another subsidiary which is controlled by the holding company).