Article 255 of Companies Law

A company, even if in the course of liquidation, may merge into another company of the same legal form or of another form. Merger shall take place by one of the following methods: 1 - Merger by absorption, through the dissolution of one or more companies and the transfer of their assets and liabilities to an existing company. 2- Merger by consolidation, through the dissolution of two or more companies and the establishment of a new company to which the assets and liabilities of the merging companies are transferred. 3- Merger by division and absorption, through the division of the company's assets and liabilities into two or more parts and the transfer of each part to an existing company. The Executive Regulations shall regulate the procedures, arrangements and conditions of merger, with due regard to the provisions set out in the following Articles.