Institutional Long-Term Care Juridical Entities Act Article 20

A institutional long-term care juridical entities may merge with other similar Institutional long-term care juridical entities upon approval of the competent authority. The location, category, number, and scale of the institutional long-term care juridical entities owned after the merger shall conform to the requirements set forth in Article 7.Ainstitutional long-term care juridical entities shall, within fourteen days of the merger approved by the competent authority, prepare and publish financial reports and inventories pertaining to the merger, and shall give notice to every known creditor. Any creditor who objects to the merger shall submit written objections within two months of the publication. Failure to submit objections will be deemed as having recognized the merger.Any institutional long-term care juridical entities that fails to give notice and publish documents, as stipulated in the preceding paragraph, or fails to pay off creditors who submit objections within the specified period, or fails to provide equivalent collateral, shall not use a merger as a defense against such creditors.The rights and obligations of institutional long-term care juridical entities eliminated due to mergers shall be accepted in their entirety by the institutional long-term care juridical entities that remain or are established thereafter.Upon a merger of long-term care oorganizations, the remaining, newly established, or eliminated organizations shall apply to the respective registering authorities for registration of such change, establishment, or dissolution.Regulations for the conditions, approval processes, revocation or cancellation of approval, and other matters to be complied with in regard to mergers of institutional long-term care juridical entities shall be enacted by the central competent authority.