If business transfer, etc. is to be effected (excluding the following cases), dissenting shareholders may demand that the stock company effecting the business transfer, etc. purchase, at a fair price, the shares that they hold:
第四百六十七条第一項第一号に掲げる行為をする場合において、同項の株主総会の決議と同時に第四百七十一条第三号の株主総会の決議がされたとき。
if the act set forth in Article 467, paragraph (1), item (i) is performed, and the resolution at a shareholders meeting under Article 471, item (iii) is passed simultaneously with the resolution at a shareholders meeting under the same paragraph; and
cases prescribed in paragraph (2) of the preceding Article (excluding the cases prescribed in paragraph (3) of the same Article).
前項に規定する「反対株主」とは、次の各号に掲げる場合における当該各号に定める株主をいう。
The dissenting shareholders provided for in the preceding paragraph means the shareholders provided for in each of the following items in the cases set forth in the same items:
if a resolution at a shareholders meeting (including a general meeting of class shareholders) is required to effect the business transfer, etc.: the following shareholders:
当該株主総会に先立って当該事業譲渡等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事業譲渡等に反対した株主（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。）
shareholders who gave notice to relevant stock company to the effect that they dissented from relevant business transfer, etc. prior to relevant shareholders meeting and who dissented from relevant business transfer, etc. at relevant shareholders meeting (limited to those who can exercise voting rights at relevant shareholders meetings);
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
shareholders who cannot exercise voting rights at relevant shareholders meetings;
in cases other than those prescribed in the preceding item:all shareholders (excluding the special controlling company in the cases prescribed in paragraph (1) of the preceding Article).
事業譲渡等をしようとする株式会社は、効力発生日の二十日前までに、その株主（前条第一項に規定する場合における当該特別支配会社を除く。）に対し、事業譲渡等をする旨（第四百六十七条第二項に規定する場合にあっては、同条第一項第三号に掲げる行為をする旨及び同条第二項の株式に関する事項）を通知しなければならない。
A stock company that intends to effect the business transfer, etc. must give notice to its shareholders (excluding the special controlling company in the cases prescribed in paragraph (1) of the preceding Article) to the effect that it intends to effect the business transfer, etc. (or, in the cases provided for in Article 467, paragraph (2), to the effect that the stock company will carry out the act set forth in paragraph (1), item (iii) of that Article and of the matters regarding shares under paragraph (2) of that Article), no later than twenty days prior to the effective day.
次に掲げる場合には、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。
A public notice may be substituted for the notice pursuant to the provisions of the preceding paragraph in the following cases:
if the stock company which effects the business transfer, etc. is a public company;
事業譲渡等をする株式会社が第四百六十七条第一項の株主総会の決議によって事業譲渡等に係る契約の承認を受けた場合
if the stock company which effects the business transfer, etc. receives the approval of the contract relating to the business transfer, etc. by the resolution at a shareholders meeting under Article 467, paragraph (1).
第一項の規定による請求（以下この章において「株式買取請求」という。）は、効力発生日の二十日前の日から効力発生日の前日までの間に、その株式買取請求に係る株式の数（種類株式発行会社にあっては、株式の種類及び種類ごとの数）を明らかにしてしなければならない。
To make a demand under the provisions of paragraph (1) (hereinafter in this Chapter 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 classes of 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.
株券が発行されている株式について株式買取請求をしようとするときは、当該株式の株主は、事業譲渡等をする株式会社に対し、当該株式に係る株券を提出しなければならない。ただし、当該株券について第二百二十三条の規定による請求をした者については、この限りでない。
When intending to exercise appraisal rights concerning shares for which share certificates have been issued, shareholders of those shares must submit share certificates representing those shares to the stock company that effects the business transfer, etc.;provided, however, that this does not apply to a person who makes a request pursuant to the provisions of Article 223 with regard to those share certificates.
Shareholders exercising appraisal rights may withdraw their demands for appraisal only with the approval of the stock company that effects the business transfer, etc.
The demands of the shareholders exercising appraisal rights lose effect if the business transfer, etc. is canceled.
The provisions of Article 133 do not apply to shares that are the subject of the exercise of appraisal rights.