Transferring shares in a share certificate-issuing company does not become effective unless the share certificates representing those shares are delivered; provided, however, that this does not apply to transferring shares that arise out of the disposition of treasury shares.
Transfers effected prior to the issuance of the share certificate do not be effective regarding the share certificate-issuing company.
株券の発行前にした譲渡は、株券発行会社に対し、その効力を生じない。
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treasury sharesmachine translation
「自己株式」
Shares of a stock company that the company itself holds.
Defined inArticle 113, paragraph (4)
share certificate-issuing company
「株券発行会社」
A stock company whose articles of incorporation provide that it issues share certificates for its shares (for a company with class shares, for shares of every class).
Defined inArticle 117, paragraph (7)