For a joint-stock company, which has borrowed by issuing bonds, to merge, the board of bondholders shall approve the merger resolution by the majority of those representing two-thirds of the loan bonds, otherwise the company shall settle the debt in a way the board accepts by the majority referred to above.

If the board does not approve the merger or the settlement, or if it is impossible for the board to convene, the representative of the board must object to the merger resolution in accordance with the provisions of article (315) of this law.