Transfers of share options for which certificates are issued do not become effective unless the share option certificates representing the share options for which relevant certificates are issued are delivered;provided, however, that this does not apply to transfers of share options for which certificates are issued that arise out of the disposition of own share options (meaning own share options that the stock company holds; hereinafter the same applies in this Chapter).
Transfers of share options attached to a bonds with share options for which a certificate is issued do not become effective unless the certificate representing the bonds with share options for which such a certificate is issued is delivered;provided, however, that this does not apply to transfers of share options attached to own bonds with share option (meaning own bonds with share option that the stock company holds; hereinafter the same applies in this Article and the following Article) that arise out of the disposition of relevant own bonds with share option.
証券発行新株予約権付社債に付された新株予約権の譲渡は、当該証券発行新株予約権付社債に係る新株予約権付社債券を交付しなければ、その効力を生じない。ただし、自己新株予約権付社債（株式会社が有する自己の新株予約権付社債をいう。以下この条及び次条において同じ。）の処分による当該自己新株予約権付社債に付された新株予約権の譲渡については、この限りでない。