If a shareholder exercises appraisal rights and an agreement determining the price of the shares is reached between the shareholder and the disappearing stock company, etc. (or between the shareholder and the company incorporated in the consolidation-type merger, if a consolidation-type merger is effected and it is after the day of formation of the company incorporated in the consolidation-type merger; hereinafter the same applies in this Article), the disappearing stock company, etc. must pay that price within sixty days from the day of formation of the incorporated company.
If no agreement on the determination of the price of the shares is reached within thirty days from the day of formation of the incorporated company, shareholders or the disappearing stock company, etc. may file a petition for the court to determine the price within thirty days after the expiration of that period.
Notwithstanding the provisions of paragraph (7) of the preceding Article, in the cases prescribed in the preceding paragraph, if the petition under that paragraph is not filed within sixty days from the day of formation of the incorporated company, shareholders exercising appraisal rights may withdraw their demands for appraisal at any time after the expiration of the period.
The disappearing stock company, etc. must also pay interest on the price determined by the court at the statutory rate from and including the day of the expiration of the period referred to in paragraph (1).
A disappearing stock company, etc. may pay the amount that the disappearing stock company, etc. considers to be a fair price to shareholders until determination of the price of shares.
消滅株式会社等は、株式の価格の決定があるまでは、株主に対し、当該消滅株式会社等が公正な価格と認める額を支払うことができる。
A share purchase connected with the exercise of appraisal rights becomes effective on the day of formation of the incorporated company.
If a shareholder exercises appraisal rights with respect to shares for which share certificates are issued, the share certificate-issuing company must pay the price of the shares relating to the exercise of the appraisal rights in exchange for the share certificates.