SECTION 192

A merger or demerger shall take effect: 1) in case of creation of one or more new companies, on the date of registrationof the new company, or of the last of themwiththe registry of commerce and securities; each of the new companies shall be formedin accordance with the rules governing the form of the company adopted. 2) in other cases, on the date of the last general meetingwhich approved the operation, unless the agreementprovides 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, P. 61 of 267 or prior to the closing date of the last fiscal year of the company or companies assigningtheir assets.