SECTION 192

A merger or demerger shall take effect: 1) in case of creation of one or more new companies, on the date of registration of the new company, or of the last of them with the registry of commerce and securities; each of the new companies shall be formed in accordance with the rules governing the form of the company adopted. 2) in other cases, on the date of the last general meeting which approved the operation, unless the agreement provides that the operation shall take effect on another date, which shall be no later than the closing date of the current fiscal year of the beneficiary company or companies, or prior to the closing date of the last fiscal year of the company or companies assigning their assets.