(1) Where the liability amount of an acquiring cooperative society is lower than it was for a cooperative society being acquired, or where the holders of shares in the acquiring legal entity are not all liable, without limitation, to the creditors of said acquiring legal entity, those of the holders of shares who were members of the cooperative society being acquired are to provide, in order to satisfy the creditors of the cooperative society being acquired, further additional funding up to the liability amount of the cooperative society being acquired, if the creditors who have filed their claims pursuant to section 22 cannot obtain satisfaction or security for the receivable from the additional funding called from the members and thus must rely on the further additional funding to be so provided. Sections 105 to 115a of the Trade & Industrial Cooperative Societies Act apply accordingly to the calls for additional funding.
(2) Subsection (1) applies only if insolvency proceedings are opened against the assets of the acquiring legal entity within two years of the day on which the entry of the merger in the register maintained at the seat of this legal entity has been published in accordance with section 19 (3).
Subdivision 2
Merger by new formation