(1) As a result of the merger, each member of a cooperative society being acquired will hold an ownership interest in the acquiring legal entity in accordance with the merger agreement. Any obligation to assume further business shares in an acquiring cooperative society remains unaffected. Any rights third parties may have to the amounts of the members’ capital contributions to a cooperative society being acquired continue in force and have as their object the shares in the acquiring legal entity having a different legal form, or the memberships in same, instead of the business shares in the cooperative society being acquired. Any rights third parties may have to the shares in the legal entity being acquired, or to memberships in same, continue in force and have as their object the amounts of the members’ capital contributions obtained in the acquiring cooperative society.
(2) Where the amount of the capital contribution that a given member held in a cooperative society being acquired exceeds the aggregate amount of business shares comprising that member’s ownership interest in an acquiring cooperative society pursuant to subsection (1), the surplus is to be disbursed to the member after six months have lapsed since the day on which the entry of the merger in the register maintained at the seat of the acquiring cooperative society has been published in accordance with section 19 (3); however, no such disbursement may be effected before the creditors who have filed their claims pursuant to section 22 have been satisfied or have had security provided to them. Additional cash payments specified in the merger agreement may not exceed one tenth of the aggregate nominal amount of the business shares in the acquiring cooperative society that have been allotted.
(3) The closing balance sheet of the cooperative society being acquired governs in calculating the amount of the capital contribution to which a given member of said cooperative society being acquired was entitled.