(1) If a stock corporation has been dissolved by lapse of time or by a resolution adopted by the general meeting, then for as long as the distribution of the assets among the stockholders has not commenced, the general meeting may resolve to continue the company. The resolution requires a majority of at least three quarters of the capital stock represented at the time of its adoption. The by-laws may stipulate a greater majority ratio of capital and may impose further requirements.
(2) The same applies where the company:
1. has been dissolved as a result of insolvency proceedings having been opened, but the proceedings have been discontinued in accordance with the petition filed by the creditor or have been terminated following the approval of an insolvency plan providing for the continued existence of the company;
2. has been dissolved as a result of the court establishing a deficiency of the by-laws pursuant to section 262 (1) no. 5, but an amendment of the by-laws remedying such deficiency is resolved upon at the latest concurrently with the resolution adopted to continue the company.
(3) The liquidators are to file an application for entry of the continuation of the company in the Commercial Register. In filing such application for registration, they are to submit proof that the distribution of the company’s assets among the stockholders has not yet commenced.
(4) The resolution adopted as to continuing the company will enter into force only once it has been entered in the Commercial Register kept at the seat of the company. In the case governed by subsection (2) no. 2, the resolution as to the continuation of the company will have no effect for as long as neither it nor the resolution adopted as to the amendment of the by-laws has been entered in the Commercial Register kept at the seat of the company; both resolutions as a rule are to be entered in the Commercial Register only jointly.