(1) The members of the representative body and, where a supervisory body exists, the members of such supervisory body of a legal entity being acquired are under obligation, jointly and severally, to provide compensation for the damages suffered by said legal entity, the owners of its shares, or its creditors as a result of the merger. Those members of said bodies who complied with their duty to exercise skill and care in reviewing the legal entities’ financial position and in concluding the merger agreement are exempted from this obligation to provide compensation.
(2) Where these claims are concerned, as well as further claims that may result from the merger, pursuant to the general provisions, for and against the legal entity being acquired, said legal entity will be considered as continuing in existence. Inasmuch, the merger does not have the effect of amalgamating the receivables and liabilities.
(3) The claims set out in subsection (1) will become statute-barred after five years following the day on which the entry of the merger in the register maintained at the seat of the acquiring legal entity has been published in accordance with section 19 (3).