Directive 77/91/EEC is hereby amended as follows:
1. in Article 1(1), the fourteenth indent is replaced by the following:
'- in Finland: julkinen osakeyhtiö/publikt aktiebolag';
2. in Article 10, the following paragraph is added:
'5. Member States may decide not to apply this Article to the formation of a new company by way of merger or division where an independent expert's report on the draft terms of merger or division is drawn up.
Where Member States decide to apply this Article in the cases referred to in the first subparagraph, they may provide that the report under this Article and the independent expert's report on the draft terms of merger or division may be drawn up by the same expert or experts.';
3. Article 27(3) is replaced by the following:
'3. Member States may decide not to apply paragraph 2 in the event of an increase in subscribed capital made in order to give effect to a merger, a division or a public offer for the purchase or exchange of shares and to pay the