(1) The acquiring legal entity may continue to use the business name of one of the legal entities being acquired, the commercial enterprise of which it is acquiring by way of the merger, either with or without attaching an addendum indicating this succession.
(2) Where a natural person holds an ownership interest in a legal entity being acquired, and such natural person will not hold any ownership interest in the acquiring legal entity, the acquiring legal entity may use the name of this holder of shares in the business name that it continues to use pursuant to subsection (1), or that it has newly created, solely if the affected holder of shares or his or her heirs have expressly agreed to such use.
(3) Where a professional partnership is involved in the merger, subsections (1) and (2) apply accordingly to the continued use of the business name or name. A business name may continue to be used as the name of a professional partnership solely subject to the pre-requisites set out in section 2 (1) of the Partnership Companies Act. Section 1 (3) and section 11 of the Partnership Companies Act are to be applied accordingly.