SECTION 678

P. 185 of 267 The proposed merger shall be submitted to the meetings of bondholdersof the acquired companies, unless reimbursement of securities on demand is offered to said bondholders. The mergertransaction carried out in violation of this paragraphshall be null. When bonds are refundable ondemand, the acquiring company shall become the debtor of the bondholders of the acquired company. The offer of reimbursement of bonds on demand of bondholders provided for above shall be published in a newspaper authorized to publish legal notices in the State party. Any bondholder that did not request the reimbursement within the time limit set shall retain his status in the acquiring company under the conditions set forth in the merger agreement.