1. Without prejudice to all legal rules and procedures regulating the incorporation of companies, the divestiture of the joint stock company under the provisions of this Decree Law shall take place by splitting the company's assets or activities and their corresponding obligations and equity into two or more independent, separately-run companies. Notwithstanding the provisions governing the incorporation of joint stock companies set forth in this Decree Law, the Ministry or the SCA, as the case may be, shall issue the conditions, controls and procedures to be observed by the companies in respect of divestitures. 2. The parent company and the new company shall each have an independent legal personality. 3. The new company shall replace the parent company in respect of its rights and obligations within the limits of the stake transferred thereto, unless otherwise agreed with the creditors in respect of their debts.
Interpretation and application must be checked against the official text and current version.