Subsection 1 Consolidation of Shares
第一款 株式の併合
Article 180Consolidation of Shares
第百八十条（株式の併合）
A stock company may consolidate its shares.
株式会社は、株式の併合をすることができる。
Whenever a stock company intends to consolidate its shares, it must determine the following matters by a resolution at a shareholders meeting:
株式会社は、株式の併合をしようとするときは、その都度、株主総会の決議によって、次に掲げる事項を定めなければならない。
the ratio of the consolidation;
併合の割合
the day when the consolidation of shares will become effective (hereinafter referred to as "effective day" in this Subsection);
株式の併合がその効力を生ずる日（以下この款において「効力発生日」という。）
if the stock company is a company with class shares, the classes of the shares it will consolidate; and
株式会社が種類株式発行会社である場合には、併合する株式の種類
the total number of authorized shares on the effective day.
The total number of authorized shares under item (iv) of the preceding paragraph may not exceed the number four times the number of total issued shares on the effective day; provided, however, that this does not apply if the stock company is not a public company.
The directors must, at the shareholders meeting referred to in paragraph (2), explain the reasons for the need to consolidate the shares.
取締役は、第二項の株主総会において、株式の併合をすることを必要とする理由を説明しなければならない。
Article 181Notices to Shareholders
第百八十一条（株主に対する通知等）
No later than two weeks prior to the effective day, the stock company must notify the shareholders (or, for a company with class shares , referring to the class shareholders of the classes of shares under paragraph (2), item (iii) of the preceding Article; hereinafter the same applies in this Subsection) and the registered pledgees of the shares thereof of the matters set forth in each item of that paragraph.
A public notice may be substituted for the notice under the provisions of the preceding paragraph.
前項の規定による通知は、公告をもってこれに代えることができる。
第百八十二条（効力の発生）
On the effective day, the shareholders become shareholders of shares in the number obtained by multiplying the number of shares (or, for a company with class shares , shares of the classes provided for in Article 180, paragraph (2), item (iii); hereinafter the same applies in this paragraph) they held on the day immediately preceding that day, by the ratio provided for in paragraph (2), item (i) of that Article.
株主は、効力発生日に、その日の前日に有する株式（種類株式発行会社にあっては、第百八十条第二項第三号の種類の株式。以下この項において同じ。）の数に同条第二項第一号の割合を乗じて得た数の株式の株主となる。
A stock company consolidating shares is deemed to have changed the articles of incorporation related to the matters set forth in Article 180, paragraph (2), item (iv) on the effective day in accordance with provisions on those matters.
株式の併合をした株式会社は、効力発生日に、第百八十条第二項第四号に掲げる事項についての定めに従い、当該事項に係る定款の変更をしたものとみなす。
Article 182-2Keeping and Inspection of Documents Related to the Consolidation of Shares
第百八十二条の二（株式の併合に関する事項に関する書面等の備置き及び閲覧等）
A stock company consolidating shares (if share units (in cases of a company with class shares, share units of shares of classes under Article 180, paragraph (2), item (iii); hereinafter the same applies in this paragraph) are stipulated in the articles of incorporation, limited to those generating fractional shares with the number obtained by multiplying the rate under paragraph (2), item (i) of the same Article; hereinafter the same applies in this Subsection) must keep documents detailing the information set forth in the items of the same paragraph and other information prescribed by Ministry of Justice Order, or electronic or magnetic records in which the information has been recorded, at its head office for the period from the earliest of the following days until the day when six months elapse after the effective day:
the day two weeks before the day of the shareholders meeting under Article 180, paragraph (2) (if a resolution at a general meeting of class shareholders is required for consolidation of shares, including the general meeting of class shareholders; the same applies in Article 182-4, paragraph (2)) (in cases under Article 319, paragraph (1), the day when the proposal under the same paragraph is made); or
第百八十条第二項の株主総会（株式の併合をするために種類株主総会の決議を要する場合にあっては、当該種類株主総会を含む。第百八十二条の四第二項において同じ。）の日の二週間前の日（第三百十九条第一項の場合にあっては、同項の提案があった日）
the day of notice made to shareholders pursuant to the provisions of Article 181, paragraph (1) as applied following the deemed replacement of terms pursuant to the provisions of Article 182-4, paragraph (3), or the day of public notice under Article 181, paragraph (2), whichever comes first.
第百八十二条の四第三項の規定により読み替えて適用する第百八十一条第一項の規定による株主に対する通知の日又は第百八十一条第二項の公告の日のいずれか早い日
Shareholders of stock company consolidating shares may make the following request to the stock company at any time during its business hours; provided, however, that the cost specified by the stock company must be paid for making a request set forth in items (ii) or (iv):
a request to inspect documents under the preceding paragraph;
前項の書面の閲覧の請求
a request for a transcript or extract of documents under the preceding paragraph;
前項の書面の謄本又は抄本の交付の請求
a request to inspect anything that is used in a manner prescribed by Ministry of Justice Order to display the information recorded in an electronic or magnetic record as referred to in the preceding paragraph; and
a request to be provided with the information recorded in an electronic or magnetic record as referred to in the preceding paragraph by an electronic or magnetic means that the stock company has designated, or a request to be issued a document showing that information.
Article 182-3Demand to Cease Consolidation of Shares
第百八十二条の三（株式の併合をやめることの請求）
If the consolidation of shares violates laws and regulations or the articles of incorporation, when shareholders are likely to suffer disadvantage, shareholders may demand to cease the consolidation of shares from the stock company.
株式の併合が法令又は定款に違反する場合において、株主が不利益を受けるおそれがあるときは、株主は、株式会社に対し、当該株式の併合をやめることを請求することができる。
Article 182-4Dissenting Shareholders' Appraisal Rights
第百八十二条の四（反対株主の株式買取請求）
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.