A stock company may provide in the articles of incorporation, with respect to the shares it issues, to the effect that a fixed number of shares constitutes one unit of shares, which entitles a shareholder to cast one vote at a shareholders meeting or general meeting of class shareholders.

The fixed number in the preceding paragraph may not exceed the number prescribed by Ministry of Justice Order.

A company with class shares must provide for the share unit for each class of its shares.

Shareholders who hold shares in a number less than one share unit (hereinafter referred to respectively as "holder of shares less than one unit" and "shares less than one unit") may not exercise voting right at a shareholders meeting or general meeting of class shareholders with respect to their shares less than one unit.

A stock company may provide in the articles of incorporation to the effect that holders of shares less than one unit may not exercise some or all rights, other than the following rights, with respect to the relevant shares less than one unit:

A share certificate-issuing company may provide in the articles of incorporation to the effect that it may elect to not issue share certificates representing shares less than one unit.

If the share unit is to be prescribed, the directors must explain the reasons for the need to prescribe relevant share unit at the shareholders meeting at which it is intended to amend the articles of incorporation to prescribe relevant share unit.

Notwithstanding the provisions of Article 466, a stock company may effect an amendment to the articles of incorporation that will increase the size of the share unit (or, for a company with class shares, the size of the share unit for the shares of each class; hereinafter the same applies in this Article) or create the provisions in the articles of incorporation with respect to the share unit without a resolution at a shareholders meeting, in cases that fall under both of the following items:

Holders of shares less than one unit may demand that the stock company purchase the shares less than one unit that they hold.

A demand under the provisions of the preceding paragraph must be made by disclosing the number of the shares less than one unit relating to that demand (or, for a company with class shares, the classes of the shares less than one unit and the number of shares for each class).

A holder of shares less than one unit who makes a demand pursuant to the provisions of paragraph (1) may withdraw relevant demand only if the approval of the stock company is obtained.

If the demand pursuant to the provisions of paragraph (1) of the preceding Article is made, the amount provided for in each of the following items in accordance with the categories of the cases set forth in relevant items is to be the price of the shares less than one unit relating to relevant demand:

In the cases set forth in item (ii) of the preceding paragraph, the holder of shares less than one unit who made the demand pursuant to the provisions of paragraph (1) of the preceding Article, or the stock company, may file a petition for the court to determine the price within twenty days from the day when relevant demand is made.

In order to make the determination under the preceding paragraph, the court must consider the financial condition of the stock company at the time of the demand pursuant to the provisions of paragraph (1) of the preceding Article and all other circumstances.

Notwithstanding the provisions of paragraph (1), if petition is filed under paragraph (2) within the period provided for in that paragraph, the amount determined by the court in response to relevant petition is to be the price of the shares less than one unit.

Notwithstanding the provisions of paragraph (1), in the cases set forth in item (ii) of that paragraph, if no petition is filed under paragraph (2) within the period provided for in that paragraph (except if the discussions under paragraph (1), item (ii) are successfully concluded within the period), the sale price of the shares less than one unit is to be the amount obtained by multiplying the amount of the net assets per share by the number of the shares less than one unit related to the demand pursuant to the provisions of paragraph (1) of the preceding Article.

The purchase of the shares related to the demand pursuant to the provisions of paragraph (1) of the preceding Article becomes effective as at payment for the shares.

If a holder of shares less than one unit makes a demand pursuant to the provisions of paragraph (1) of the preceding Article with respect to shares for which share certificates are issued, the share certificate-issuing company must pay the price of the shares related to the demand in exchange for the share certificates.

A stock company may provide in the articles of incorporation to the effect that a holder of shares less than one unit may submit to relevant stock company a demand for the sale of shares less than one unit (meaning a demand that the stock company sell to a holder of shares less than one unit the number of shares which, together with the number of shares less than one unit held by relevant holder of shares less than one unit, will constitute one share unit; hereinafter the same applies in this Article).

Demand for the sale of shares less than one unit must be made by disclosing the number of the shares less than one unit to be sold to relevant holder of shares less than one unit (or, for a company with class shares, the classes of the shares less than one unit and the number of shares for each class).

A stock company that is subject to a demand for the sale of shares less than one unit must sell its treasury shares to relevant holders of shares less than one unit, unless the stock company does not hold, at the time of reception of relevant demand for the sale of shares less than one unit, treasury shares in a number corresponding to the number of the shares less than one unit provided for in the preceding paragraph.

The provisions of Article 192, paragraph (3), and paragraph (1) to paragraph (6) of the preceding Article apply mutatis mutandis to demand for the sale of shares less than one unit.

Notwithstanding the provisions of Article 466, a stock company may decrease the size of the share unit or abolish the provisions of the articles of incorporation with respect to the share unit by effecting an amendment to the articles of incorporation by decision of the directors (or a resolution at a board of directors meeting for a company with board of directors).

If an amendment is made in the articles of incorporation pursuant to the provisions of the preceding paragraph, the stock company must, without delay after the day of the effectuation of relevant amendment to the articles of incorporation, notify its shareholders (or, for a company with class shares , its class shareholders of the classes for which the share unit has been changed pursuant to the provisions of that paragraph) to the effect that relevant amendment to the articles of incorporation has been made.

A public notice may be substituted for the notice under the provisions of the preceding paragraph.