A membership company effecting entity conversion becomes a stock company on the effective day.
A membership company effecting entity conversion is, in accordance with the provisions on the matters set forth in paragraph (1), items (i) and (ii) of the preceding Article, deemed to have effected changes to the articles of incorporation related to the matters on the effective day.
Members of a membership company effecting entity conversion, in accordance with the provisions on the matters set forth in paragraph (1), item (vi) of the preceding Article, become shareholders of the shares set forth in item (v) of the same paragraph on the effective day.
In the cases set forth in the following items, members of a membership company effecting entity conversion become the persons specified in each of those items, in accordance with the provisions on the matters set forth in paragraph (1), item (viii) of the preceding Article, on the effective day:
if there are provisions on the matters set forth paragraph (1), item (vii), (a) of the preceding Article:the holders of the bonds referred to in (a) of that item;
if there are provisions on the matters set forth in paragraph (1), item (vii), (b) of the preceding Article:holders of the share options referred to in (b) of that item; and
if there are provisions on the matters set forth in paragraph (1), item (vii), (c) of the preceding Article:the holders of the bonds constituting bonds with share options referred to in (c) of that item, and holders of the share options attached to those bonds.
前各項の規定は、第七百八十一条第二項において準用する第七百七十九条（第二項第二号を除く。）の規定による手続が終了していない場合又は組織変更を中止した場合には、適用しない。
The provisions of the preceding paragraphs do not apply if procedures under the provisions of Article 779 (excluding paragraph (2), item (ii)) as applied mutatis mutandis pursuant to Article 781, paragraph (2) are not completed yet or if the entity conversion is cancelled.