A stock company must specify the persons to whom shares for subscription will be allotted from among the applicants and the number of shares for subscription to be allotted to those persons. In these cases, the stock company may reduce the number of shares for subscription the stock company allots to the applicants below the number under paragraph (2), item (ii) of the preceding Article.
If shares for subscription are shares with restriction on transfer, the determination under the provisions of the preceding paragraph must be made by a resolution at a shareholders meeting (or at a board of directors meeting for a company with board of directors);provided, however, that this does not apply if it is otherwise prescribed in the articles of incorporation.
The stock company must notify the applicants, no later than the day immediately preceding the date referred to in Article 199, paragraph (1), item (iv) (or, if a period is prescribed under that item, no later than the day immediately preceding the first day of that period), of the number of shares for subscription that will be allotted to relevant applicants.
株式会社は、第百九十九条第一項第四号の期日（同号の期間を定めた場合にあっては、その期間の初日）の前日までに、申込者に対し、当該申込者に割り当てる募集株式の数を通知しなければならない。
If the stock company has granted entitlement to the allotment of shares to its shareholders pursuant to the provisions of Article 202, if the shareholders do not submit, no later than the date under item (ii), paragraph (1) of that Article, applications under paragraph (2) of the preceding Article, relevant shareholders will lose the entitlement to the allotment of shares for subscription.