If fractional shares are included in the number of shares when a stock company consolidates shares, dissenting shareholders may demand that the stock company purchase, at a fair price, all of the fractional shares from among shares that they hold.
株式会社が株式の併合をすることにより株式の数に一株に満たない端数が生ずる場合には、反対株主は、当該株式会社に対し、自己の有する株式のうち一株に満たない端数となるものの全部を公正な価格で買い取ることを請求することができる。
"dissenting shareholders" prescribed in the preceding paragraph means the following shareholders:
前項に規定する「反対株主」とは、次に掲げる株主をいう。
a shareholder who gives notice to the stock company that the shareholder is against the consolidation of shares prior to the shareholders meeting under Article 180, paragraph (2) and is against the consolidation of shares at the shareholders meeting (limited to persons who can exercise voting rights at the shareholders meeting); and
第百八十条第二項の株主総会に先立って当該株式の併合に反対する旨を当該株式会社に対し通知し、かつ、当該株主総会において当該株式の併合に反対した株主（当該株主総会において議決権を行使することができるものに限る。）
a shareholder who cannot exercise voting rights at the shareholders meeting.
当該株主総会において議決権を行使することができない株主
When applying the provisions of Article 181, paragraph (1) to the notice to shareholders if a stock company consolidates shares, the term "two weeks" in the same paragraph is deemed to be replaced with "twenty days".
To make a demand under the provisions of paragraph (1) (hereinafter in this Section referred to as the "exercise of appraisal rights"), a dissenting shareholder must indicate the number of shares with regard to which the shareholder is exercising appraisal rights (or, for a company with class shares, the classes of the shares and the number of shares for each class), between twenty days prior to the effective day and the day immediately preceding the effective day.
When intending to exercise appraisal rights for shares for which share certificates have been issued, shareholders of those shares must submit to the stock company the share certificates representing those shares;provided, however, that this does not apply to a person who made a request under the provisions of Article 223 with respect to the shares.
Shareholders exercising appraisal rights may withdraw their demands for appraisal only with the approval of the stock company.
株式買取請求をした株主は、株式会社の承諾を得た場合に限り、その株式買取請求を撤回することができる。
The provisions of Article 133 do not apply to shares that are subject of the exercise of appraisal rights.