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Section 1 General Provisions (Articles 117 to 120)
The law as Act on the Arrangement, etc. of Related Acts upon the Enforcement of the Act on Security Assignment Contracts and Retention of Title Contracts (Act No. 57 of 2025) leaves it, with the words it changes marked.
The main text is read a page at a time: a chapter to a page, and a long chapter in runs of articles. The whole main text, and the supplementary provisions and appended tables this amendment changes. Those it leaves untouched are on the page for the text in force.
If a shareholder exercises appraisal rights and an agreement determining the price of the shares is reached between the shareholder and the stock company, the stock company must pay that price within sixty days from the effective day.
株式買取請求があった場合において、株式の価格の決定について、株主と株式会社との間に協議が調ったときは、株式会社は、効力発生日から六十日以内にその支払をしなければならない。
If no agreement is reached within thirty days from the effective day on the determination of the price of the shares, the shareholders or the stock company may file a petition for the court to determine the price within thirty days after the expiration of that period.
株式の価格の決定について、効力発生日から三十日以内に協議が調わないときは、株主又は株式会社は、その期間の満了の日後三十日以内に、裁判所に対し、価格の決定の申立てをすることができる。
Notwithstanding the provisions of paragraph (7) of the preceding Article, in the cases provided for in the preceding paragraph, if the petition under that paragraph is not made within sixty days after the effective day, shareholders exercising appraisal rights may withdraw their demands for appraisal at any time after the expiration of that period.
前条第七項の規定にかかわらず、前項に規定する場合において、効力発生日から六十日以内に同項の申立てがないときは、その期間の満了後は、株主は、いつでも、株式買取請求を撤回することができる。
The stock company must also pay interest on the price determined by the court at the statutory interest rate from and including the day of the expiration of the period referred to in paragraph (1).
株式会社は、裁判所の決定した価格に対する第一項の期間の満了の日後の法定利率による利息をも支払わなければならない。
A stock company may pay the amount that the stock company considers to be a fair price to shareholders until the determination of the price of shares.
株式会社は、株式の価格の決定があるまでは、株主に対し、当該株式会社が公正な価格と認める額を支払うことができる。
A share purchase connected with the exercise of appraisal rights becomes effective on the effective day.
株式買取請求に係る株式の買取りは、効力発生日に、その効力を生ずる。
If a shareholder exercises appraisal rights with respect to shares for which share certificates are issued, the share certificate-issuing company (meaning a stock company the articles of incorporation of which have provisions to the effect that share certificate representing its shares (or, in case of a company with class shares, shares of all classes) are issued; the same applies hereinafter) must pay the price of the shares relating to the exercise of the appraisal rights in exchange for the share certificates.
株券発行会社（その株式（種類株式発行会社にあっては、全部の種類の株式）に係る株券を発行する旨の定款の定めがある株式会社をいう。以下同じ。）は、株券が発行されている株式について株式買取請求があったときは、株券と引換えに、その株式買取請求に係る株式の代金を支払わなければならない。
If it is intended to effect any amendment to articles of incorporation set forth in the following items, the holders of share options provided for in any item may demand that the stock company purchase, at a fair price, the share options that they hold:
次の各号に掲げる定款の変更をする場合には、当該各号に定める新株予約権の新株予約権者は、株式会社に対し、自己の有する新株予約権を公正な価格で買い取ることを請求することができる。
if it is intended to effect an amendment to the articles of incorporation to create a provision on matters set forth in Article 107, paragraph (1), item (i) as a feature of all shares issued by a stock company:all share options;
その発行する全部の株式の内容として第百七条第一項第一号に掲げる事項についての定めを設ける定款の変更 全部の新株予約権
if it is intended to effect an amendment to the articles of incorporation to create provisions on matters set forth in Article 108, paragraph (1), item (iv) or (vii) as a feature of a certain class of shares:the share options for which shares of relevant class are the underlying shares.
ある種類の株式の内容として第百八条第一項第四号又は第七号に掲げる事項についての定款の定めを設ける定款の変更 当該種類の株式を目的とする新株予約権
If holders of the share options attached to bonds with share option intend to make the demand under the preceding paragraph (hereinafter in this Section referred to as the "exercise of appraisal rights on share options"), they must also demand that the stock company purchase the bonds with respect to bonds with share option; provided, however, that this does not apply if it is otherwise provided for with respect to the share options attached to bonds with share option.
新株予約権付社債に付された新株予約権の新株予約権者は、前項の規定による請求（以下この節において「新株予約権買取請求」という。）をするときは、併せて、新株予約権付社債についての社債を買い取ることを請求しなければならない。ただし、当該新株予約権付社債に付された新株予約権について別段の定めがある場合は、この限りでない。
A stock company which intends to effect an amendment to the articles of incorporation set forth in each item of paragraph (1) must give notice to the holders of share options provided for in each item of that paragraph, no later than twenty days prior to the day when relevant amendment to the articles of incorporation becomes effective (hereinafter in this Article and in the following Article referred to as "day of amendment to articles of incorporation"), to the effect that relevant amendment to the articles of incorporation is to be effected.
第一項各号に掲げる定款の変更をしようとする株式会社は、当該定款の変更が効力を生ずる日（以下この条及び次条において「定款変更日」という。）の二十日前までに、同項各号に定める新株予約権の新株予約権者に対し、当該定款の変更を行う旨を通知しなければならない。
A public notice may be substituted for the notice pursuant to the provisions of the preceding paragraph.
前項の規定による通知は、公告をもってこれに代えることができる。
To exercise appraisal rights on share options, the share option holder must indicate the features and number of the share options with regard to which the holder is exercising the appraisal rights, between twenty days prior to the day of amendment to articles of incorporation and the day immediately preceding the day of amendment to articles of incorporation.
新株予約権買取請求は、定款変更日の二十日前の日から定款変更日の前日までの間に、その新株予約権買取請求に係る新株予約権の内容及び数を明らかにしてしなければならない。
When intending to exercise appraisal rights on share options for which share option certificates are issued, the holder of those share options must submit the share option certificates to the stock company; provided, however, that this does not apply to a person who files a petition for public notification as prescribed in Article 114 of the Non-Contentious Cases Procedure Act (Act No. 51 of 2011).
新株予約権証券が発行されている新株予約権について新株予約権買取請求をしようとするときは、当該新株予約権の新株予約権者は、株式会社に対し、その新株予約権証券を提出しなければならない。ただし、当該新株予約権証券について非訟事件手続法（平成二十三年法律第五十一号）第百十四条に規定する公示催告の申立てをした者については、この限りでない。
When intending to exercise appraisal rights on share options in respect of a share option that is attached to any bonds with share options for which a bond certificate has been issued (meaning a bond certificate representing the bonds with share options as prescribed in Article 249, item (ii); hereinafter the same applies in this paragraph and paragraph (8) of the following Article), the holder of the share options must submit the bond certificate representing the bond with those share options to the stock company; provided, however, that this does not apply to a person who files a petition for public notification as prescribed in Article 114 of the Non-Contentious Cases Procedure Act.
新株予約権付社債券（第二百四十九条第二号に規定する新株予約権付社債券をいう。以下この項及び次条第八項において同じ。）が発行されている新株予約権付社債に付された新株予約権について新株予約権買取請求をしようとするときは、当該新株予約権の新株予約権者は、株式会社に対し、その新株予約権付社債券を提出しなければならない。ただし、当該新株予約権付社債券について非訟事件手続法第百十四条に規定する公示催告の申立てをした者については、この限りでない。
Share option holders exercising appraisal rights on share options may withdraw their demands for appraisal of the share options only with the approval of the stock company.
新株予約権買取請求をした新株予約権者は、株式会社の承諾を得た場合に限り、その新株予約権買取請求を撤回することができる。
The demands of the share option holders exercising appraisal rights on share options lose effect if the stock company cancels the amendment to articles of incorporation provided for in the items of paragraph (1).
株式会社が第一項各号に掲げる定款の変更を中止したときは、新株予約権買取請求は、その効力を失う。
The provisions of Article 260 do not apply to share options for the exercise of appraisal rights on share options.
第二百六十条の規定は、新株予約権買取請求に係る新株予約権については、適用しない。
If a share option holder exercises appraisal rights on the share options, if an agreement on the determination of the price of the share options is reached between the share option holder (if relevant share options are attached to bonds with share option, if a holder thereof demands that the stock company purchase the bonds constituting those bonds with share options, including relevant bonds; hereinafter the same applies in this Article) and the stock company, the stock company must make payment within sixty days from the day of the amendment to the articles of incorporation.
新株予約権買取請求があった場合において、新株予約権（当該新株予約権が新株予約権付社債に付されたものである場合において、当該新株予約権付社債についての社債の買取りの請求があったときは、当該社債を含む。以下この条において同じ。）の価格の決定について、新株予約権者と株式会社との間に協議が調ったときは、株式会社は、定款変更日から六十日以内にその支払をしなければならない。
If no agreement on the determination of the price of the share options is reached within thirty days from the day of amendment to articles of incorporation, the share option holders or the stock company may file a petition for the court to determine the price within thirty days after the expiration of that period.
新株予約権の価格の決定について、定款変更日から三十日以内に協議が調わないときは、新株予約権者又は株式会社は、その期間の満了の日後三十日以内に、裁判所に対し、価格の決定の申立てをすることができる。
Notwithstanding the provisions of paragraph (8) of the preceding Article, in the cases provided for in the preceding paragraph, if the petition under that paragraph is not filed within sixty days after the day of amendment to articles of incorporation, share option holders exercising appraisal rights on the share options may withdraw their demands for appraisal of the share options at any time after the expiration of that period.
前条第八項の規定にかかわらず、前項に規定する場合において、定款変更日から六十日以内に同項の申立てがないときは、その期間の満了後は、新株予約権者は、いつでも、新株予約権買取請求を撤回することができる。
The stock company must also pay interest on the price determined by the court at the statutory interest rate from and including the day of the expiration of the period referred to in paragraph (1).
株式会社は、裁判所の決定した価格に対する第一項の期間の満了の日後の法定利率による利息をも支払わなければならない。
A stock company may pay the amount that relevant stock company considers to be a fair price to a share option holder until the determination of the price of share options.
株式会社は、新株予約権の価格の決定があるまでは、新株予約権者に対し、当該株式会社が公正な価格と認める額を支払うことができる。
The purchase relating to the exercise of appraisal rights on share options becomes effective on the day of amendment to articles of incorporation.
新株予約権買取請求に係る新株予約権の買取りは、定款変更日に、その効力を生ずる。
If a share option holder exercises appraisal rights on share options with respect to share options for which share option certificates are issued, the stock company must pay the price of the share options relating to the exercise of appraisal rights on the share options in exchange for the share option certificates.
株式会社は、新株予約権証券が発行されている新株予約権について新株予約権買取請求があったときは、新株予約権証券と引換えに、その新株予約権買取請求に係る新株予約権の代金を支払わなければならない。
If a share option holder exercises appraisal rights on share options in respect of a share option attached to any bonds with share options for which a bond certificate has been issued, the stock company must pay the price of the share options in respect of which the holder is exercising appraisal rights in exchange for the certificate representing the bonds with share options.
株式会社は、新株予約権付社債券が発行されている新株予約権付社債に付された新株予約権について新株予約権買取請求があったときは、その新株予約権付社債券と引換えに、その新株予約権買取請求に係る新株予約権の代金を支払わなければならない。
A stock company may not give property benefits (limited to benefits given for the accounts of relevant stock company or its subsidiary company; hereinafter the same applies in this Article) to any person in connection with the person's exercise of shareholders' rights, rights as qualified former shareholders (meaning qualified former shareholders as prescribed in Article 847-2, paragraph (9)), or rights as shareholders in the ultimate, wholly owning parent company, etc. of the stock company (meaning an ultimate, wholly owning parent company, etc. prescribed in Article 847-3, paragraph (1)).
株式会社は、何人に対しても、株主の権利、当該株式会社に係る適格旧株主（第八百四十七条の二第九項に規定する適格旧株主をいう。）の権利又は当該株式会社の最終完全親会社等（第八百四十七条の三第一項に規定する最終完全親会社等をいう。）の株主の権利の行使に関し、財産上の利益の供与（当該株式会社又はその子会社の計算においてするものに限る。以下この条において同じ。）をしてはならない。
If a stock company gives property benefits to a specific shareholder without charge, it is presumed that relevant stock company has given property benefits regarding the exercise of shareholders' rights. The same applies if a stock company gives property benefits to a specific shareholder for value if the benefit received by relevant stock company or its subsidiary company is insignificant in comparison to relevant property benefits.
株式会社が特定の株主に対して無償で財産上の利益の供与をしたときは、当該株式会社は、株主の権利の行使に関し、財産上の利益の供与をしたものと推定する。株式会社が特定の株主に対して有償で財産上の利益の供与をした場合において、当該株式会社又はその子会社の受けた利益が当該財産上の利益に比して著しく少ないときも、同様とする。
If a stock company gives property benefits in violation of the provisions of paragraph (1), the recipient of relevant benefit must return the same to relevant stock company or its subsidiary company. In these cases, if the recipient has tendered anything to relevant stock company or its subsidiary company in exchange for that benefit, that person may receive the return of the same.
株式会社が第一項の規定に違反して財産上の利益の供与をしたときは、当該利益の供与を受けた者は、これを当該株式会社又はその子会社に返還しなければならない。この場合において、当該利益の供与を受けた者は、当該株式会社又はその子会社に対して当該利益と引換えに給付をしたものがあるときは、その返還を受けることができる。
If a stock company gives property benefits in violation of the provisions of paragraph (1), persons prescribed by Ministry of Justice Order as directors (including executive officers for companies with nominating committee, etc.; hereinafter the same applies in this paragraph.) who are involved in giving relevant benefits are jointly and severally liable to relevant stock company for payment of an amount equivalent to the value of the benefit so given; provided, however, that this does not apply if that person (excluding the directors who gave relevant benefit) proves that they did not fail to exercise due care with respect to the performance of their duties.
株式会社が第一項の規定に違反して財産上の利益の供与をしたときは、当該利益の供与をすることに関与した取締役（指名委員会等設置会社にあっては、執行役を含む。以下この項において同じ。）として法務省令で定める者は、当該株式会社に対して、連帯して、供与した利益の価額に相当する額を支払う義務を負う。ただし、その者（当該利益の供与をした取締役を除く。）がその職務を行うについて注意を怠らなかったことを証明した場合は、この限りでない。
Exemptions from the obligations referred to in the preceding paragraph may not be given without the consent of all shareholders.
前項の義務は、総株主の同意がなければ、免除することができない。