The provisions of Article 160, paragraphs (2) and (3) do not apply if a stock company acquires, from general successors of the shareholders, including their heirs, the shares of the stock company that the same acquired by general succession including inheritance; provided, however, that this does not apply if it falls under any of the following:
the stock company is a public company; or
株式会社が公開会社である場合
relevant general successors, including heirs exercised the voting right on the shares at a shareholders meeting or general meeting of class shareholders.
当該相続人その他の一般承継人が株主総会又は種類株主総会において当該株式について議決権を行使した場合
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public company
「公開会社」
A stock company whose articles of incorporation do not require the company's approval for transfers of at least some of its shares; it need not be listed on a stock exchange.
Defined inArticle 2, paragraph (1), item (v)· applies throughout the law
general meeting of class shareholders
「種類株主総会」
A meeting of the shareholders who hold a particular class of shares in a company with class shares.
Defined inArticle 2, paragraph (1), item (xiv)· applies throughout the law
shareholders meeting
株主総会
The meeting of a stock company's shareholders, and the body through which they decide the company's basic matters. It elects the directors and company auditors (Companies Act, Article 329, paragraph (1)) and changes the articles of incorporation (Article 466). In a company without a board of directors it may decide any matter about the company; in one with a board, only what the Act or the articles of incorporation leave to it (Article 295). An annual shareholders meeting must be called after the end of every business year, and another may be called whenever needed (Article 296). A resolution normally passes by a majority of the votes present, with holders of a majority of the votes entitled to vote attending (Article 309, paragraph (1)).
Written by AI using Companies Act, Arts. 295, 296, 309, 329, 466 as a reference.