株式交付をする場合には、反対株主は、株式交付親会社に対し、自己の有する株式を公正な価格で買い取ることを請求することができる。ただし、第八百十六条の四第一項本文に規定する場合（同項ただし書又は同条第二項に規定する場合を除く。）は、この限りでない。
In the case of a partial share exchange, dissenting shareholders may demand that the parent company resulting from a partial share exchange purchase, at a fair price, the shares that they hold;provided, however, that this does not apply in the cases prescribed in the main clause of Article 816-4, paragraph (1) (excluding the cases prescribed in the proviso to the same paragraph or the provisions of paragraph (2) of that 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 partial share exchange: the following shareholders:
shareholders who gave notice to relevant parent company resulting from a partial share exchange to the effect that they dissented from relevant partial share exchange prior to relevant shareholders meeting and who dissented from relevant partial share exchange 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.
前号に掲げる場合以外の場合 全ての株主
cases other than the one set forth in the preceding item:all shareholders.
A parent company resulting from a partial share exchange must notify shareholders that it will effect a partial share exchange and the trade name and address of the subsidiary company resulting from a partial share exchange by twenty days before 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 parent company resulting from a partial share exchange is a public company; or
株式交付親会社が第八百十六条の三第一項の株主総会の決議によって株式交付計画の承認を受けた場合
if the parent company resulting from a partial share exchange receives approval for the partial share exchange by resolution at a shareholders meeting under Article 816-3, paragraph (1).
第一項の規定による請求（以下この節において「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 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.
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、株式交付親会社に対し、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 related to the shares for which share certificates have been issued, a shareholder of relevant shares must submit the share certificates representing those shares to the parent company resulting from a partial share exchange;provided, however, that this does not apply to a person who makes a request pursuant to the provisions of Article 223 concerning relevant share certificates.
Shareholders exercising appraisal rights may withdraw their demands for appraisal only with the approval of the parent company resulting from a partial share exchange.
The demands of the shareholders exercising appraisal rights lose effect if the partial share exchange is canceled.
The provisions of Article 133 do not apply to shares for the exercise of appraisal rights.