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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 18 August 2006 - onwards
Version 3 of 3

Article 23 Explanation and justification of the terms of merger

The administrative or management organs of each merging cooperative shall draw up a detailed written report explaining and justifying the draft terms of merger from a legal and economic viewpoint and in particular the share-exchange ratio. The report shall also indicate any special valuation difficulties.