Foundations Act Article 38

The surviving or newly established foundation shall, no later than 30 days before the date of its assumption of the rights and obligations of the dissolved foundation after merger or consolidation, serve a written notice expressly describing employment conditions to any employee staying after the merger or consolidation according to the negotiation between the existing and the new employers. A written notice regarding the decision of whether to accept the conditions shall be given to the new employer within 10 days beginning with the day on which the employee receives the notice. The absence of such notice from the employee shall be deemed as consent to stay with the new employer after the merger or consolidation.The service period of the employee accepting the continued employment has served at the dissolved foundation before the merger or consolidation shall be recognized by the surviving or newly established foundation after the merger or consolidation.The employment contract of any employee not retained or declining the continued employment after merger or consolidation of foundations shall be terminated by the employer prior to such merger or consolidation in accordance with Article 16 of the Labor Standards Act pursuant to which the employee shall be entitled to a prior notice of termination of employment or paid a wage payable during the prior notice period in lieu thereof, and be duly paid the pension or made severance pay as the law prescribes.